Over the past year, a number of significant development projects have been approved in Newark, where there is a surge in construction that mostly consists of new housing. (Photo : New Jersey Business Magazine)
Over the past year, a number of significant development projects have been approved in Newark, where there is a surge in construction that mostly consists of new housing.
Because of the enormous backlog of development applications, the City Council established a second Zoning Board of Adjustment to handle the new building plans. It came after a contentious revision of the city's zoning regulations that removed several development-related constraints. Mayor Ras was "upzoning" it. J. Baraka said would increase commerce and enable the building of much-needed homes, while several locals opposed it, pointing out possible negative effects on the standard of living.
Transforming Newark's Skyline
The Central Planning Board granted approval to 520 Propco LLC in November for the construction of four 40-story buildings at 20 Atlantic St. that would house 2,184 residential apartments. Additionally, the IDT building at 516-532 Broad St. that is nearby will be converted into 254 residential units with commercial and office space. The designs indicate that there will be 488 "affordable units" spread throughout the five buildings, as required by the city's inclusionary zoning policy.
Developer Chess Builders has proposed building four high-rises (two 26 floors and two 30 stories) that will house 1,400 residential apartments and 23,000 square feet of retail space after Iberia Restaurant & Tavern closed and the site was sold. Situated near Newark Penn Station, the roughly 5-acre site is bordered by Ferry, Prospect, Congress, and Jefferson streets in addition to the Passaic River. The proposals have not yet been submitted to the city for official approval, despite being discussed at a community meeting earlier this year.
In September, state and local authorities began construction of a new pedestrian bridge that would cross McCarter Highway, connect the downtown area to the Ironbound, and lead to Newark Penn Station. The $110 million project has been likened to the New York City Highline's layout with its greenery and other features. A portion of the project's funding comes from a 3.5% levy on parking lots in Newark. According to officials, the project may take up to two years to finish, meaning that it might not be possible for the general public to use the bridge until 2025.
These are some of the developments thet are turning Newark into a hotspot for new developments.
