Greater Newark-Elizabeth Metro | Redevelopment , Transit , and Misc Projects

[chris08876]

Newark’s The Portnow Development Nabs $90 Million Tax Credit

A modern mixed-use complex set to rise near one of Newark’s major transit hubs has been awarded a sizable tax credit thanks to its commitment to include a significant affordable housing component.

The New Jersey Economic Development Authority (NJEDA) approved tax credits this week for a project known as The Portnow. Approved early last year, the 14-story development comes courtesy of Maryland-based 81-93 Orange Street Investments LLC.

The new building was approved for up to $90 million in tax credits, which represents 60 percent of the eligible project costs of $150 million. The complex is slated to rise at 81-93 Orange Street across the street from New Jersey Transit’s Broad Street Station.

The Portnow will replace a surface parking lot and be comprised of 350 residential units, 8,500 square feet of retail space, and a commercial parking garage. The units will be a mix of studio, one-, two-, and three-bedroom units. Seventy units will be reserved as affordable units, with the remaining market rate.

=========================
Jersey Digs

[chris08876]

Newark to Consider Massive 2,100 Unit, Four-Tower Redevelopment Plan

One of the largest revitalization efforts in the history of Newark could take a step forward in the coming weeks as a proposal to overhaul several acres along Broad Street will be heard by officials.

Plans have been submitted to revamp and redevelop several parcels at 516-532 Broad Street. The land, home to the former headquarters of IDT and a three-story detached parking garage across Atlantic Street, was purchased last year for $49 million by affiliates of Brooklyn-based Sinai Equity Group.

Designed by Fort Lee-based Architectura, the proposed revitalization will start by overhauling the existing IDT office property. The current building would be expanded upward to 20 floors under the plan and consist of five stories of retail, residential apartments, and a restaurant space on the top floor complete with a view of New York City.

Amenity spaces for future residents called for in the plans include a fitness center, children’s playroom, game room lounge, business center, conference room, library, and a lounge/event space.

Two green roofs are proposed as part of the project, as are a total of 1,143 parking spaces throughout the complex. The development is expected to follow Newark’s inclusionary zoning ordinance and would be completed in phases, with the initial portion being the overhaul of the IDT property.

=================
Jersey Digs

[Busy Bee]

^ I really hope this one happens.

[towerpower123]

They need to redo the ground floor of that. It faces internally into the auto court and does not appear to have any outward facing entrances. Don't need another self-contained city-within-a-city like the Gateway Center. The density is amazing though.

[chris08876]

This was apparently approved at yesterdays meeting.

200-204-206-208 Market Street

[chris08876]

46-Story Residential Tower Moves Forward Near Newark’s Prudential Center

A stretch of Downtown Newark that is mostly known for historic buildings could soon be home to a modern sky-high apartment complex. The project would rise just steps from one of New Jersey’s most prominent entertainment venues and has recently taken a step forward.

KS Group, a local developer with several Newark projects in the pipeline, recently released some images of what would amount to their largest endeavor yet. The company has big plans for several plots of land at 200-206 Market Street, which are currently home to older structures that have sat vacant for at least two decades.

The properties are directly north of the Prudential Center and located within the Four Corner Historic District, which is listed on both state and federal designations. The company envisions a project they are calling The Newark Summit Tower on the plots, which would require demolition of the existing buildings.

Details on the project emerged during a meeting of Newark’s Landmark & Historic Preservation Commission on October 4. The committee issued the green light to begin demolition work at the property, which includes much of a current surface parking lot on neighboring Edison Place.

Newark Summit Tower is listed as “in planning” on the KS Group’s website and is designed by INOA Architecture, a firm that has worked on several other prominent Newark developments including Halo.

The first two floors of Newark Summit Tower would feature retail space under the current proposal, with the next two stories set to consist of a parking garage with 136 spaces. The remainder of the project would include 579 residential units plus amenity spaces on the 4th floor and the rooftop

KS Group is behind prominent revitalization efforts in Newark like the under construction 50 Sussex Avenue and several other approved developments like the 77-unit 380 Central Avenue. The company also recently purchased the historic Hotel Riviera with an eye towards revamping the property into a residential complex.

The Newark Summit Tower proposal is another sign that Downtown Newark is shifting gears a bit after decades of being known as a 9 to 5 business district. The proposed project is just about a block away from the second Shaq Tower, a new residential complex backed by NBA star Shaquille O’Neal..

==================
Jersey Digs

[chris08876]

Newark’s Preservationists Fooled Again – This Time With Proposed Pedestrian Bridge

The proposed $110 million pedestrian bridge is good for Newark — no one is arguing otherwise. Tourists and commuters in Mulberry Commons will have direct access to platforms B, D, C, and E in Penn Station, servicing both PATH trains and Amtrak. It will also be easier – and safer – to reach the restaurants and nightlife in the Ironbound without a Hail Mary sprint across a seven-lane speedway.

But for the second time, a major construction project is happening within a national landmark without following the proper protocol of having it approved by the city’s Landmarks Commission.

It is true that the city presented its plan for the pedestrian bridge at the commission’s last meeting. But only as a courtesy. Co-chair Richard Partyka asked the city’s presenter, lawyer Evans Anyanwu, if any of their suggestions would actually be implemented.

“No,” Anyanwu replied.

What the public has seen of the bridge, has been exciting. The colorful archway has the potential to become another beacon like Sacred Heart Cathedral and the National Newark Building. But the plan is by no means perfect. Despite being located in the city’s Arts and Education District, it is oddly devoid of the talents of local artists, one commissioner remarked.

“This should be a public competition for artists to design this,” co-chair Susanna Holguín-Veras said.

========================
Jersey Digs