Until 2017, residential development in downtown Newark was largely a figment of developers’ imaginations. Over the decade prior, proposals were ambitious but financing was scarce. The one project that had gained financing, Eleven80, a rehabilitation-and-reuse of a long dormant former office building, had gone into foreclosure in 2009, reemerging several years later as a diamond in the rough, Downtown’s lone successful project. Meanwhile, supporting retail was extremely limited.
The city of Newark is making slow but steady progress towards adding new urban infill, including large low-slung developments. One such example is 110 Edison Place, inside the city’s downtown area. Edison Properties purchased the building from North Caldwell-based Berkowitz Company for $7 million, allowing them to build nearly half a million square feet of new office space.
New plans have been unveiled for a residential tower located at the intersection of Halsey and Williams Streets, in Newark, New Jersey. The project, dubbed “Vibe,” is being built by Strategic Development Partners, and is set to bring 256 new residential units to market.
Renderings are out for an 11-story timber office building proposed for the Riverfront Square development in Newark, New Jersey. The site is located next to New Jersey Transit’s Broad Street station, which is less than a twenty-minute commute to Midtown Manhattan. The project is part of a larger 11.8-acre mixed-use development, as well as Riverfront Park, designed by James Corner Field Operations. Lotus Equity Group will be responsible for the development.
Property owner Chestnut Global Enterprises has placed the development site at 115 Chestnut Street, located on the corner of Hermon Street in Newark’s Ironbound district, on the market for $3.96 million, Jersey Digs reported. Plans for a five-story, 72-unit residential building, called Vesey Street Commons, are fully approved. The apartments would range from one- to two-bedrooms, if a new developer were to follow the latest permits. The 28,988-square-foot plot is currently vacant. Until roughly a decade ago, it was occupied by an industrial building utilized by the Wilson Imperial Company.