Newark

Triangle Park

Deal Reached For Triangle Park Multi-Building Mixed-Use Development, Newark

Early last year, the Newark City Council approved plans to build a 2.5-acre park in the city’s downtown. It would connect Prudential Center to the Ironbound’s Peter Francisco Park by bridging over Newark Penn Station, but it would also serve as the centerpiece of a multi-building mixed-use development of the surrounding vacant blocks. Last week, the city of Newark struck a deal with Edison Properties and J&L Parking Corporation to development the buildings, Newark Patch reports. Details on the new buildings are sparse, but there will be a significant number of residential units, retail space, and possible office space. Construction is expected to commence later this year and completion is tentatively set for July of 2018. The Newark Community Economic Development Corporation will head the construction of the park, being designed by MKW + Associates.


40 Rector Street

26-Story, 169-Unit Mixed-Use Project At 40 Rector Street Lands Financing, Newark

Following the approval of a 30-year tax abatement and a false ground-breaking in 2013, Boraie Development is now expecting to begin construction on a 26-story, 169-market-rate-unit mixed-use building at 40 Rector Street, in downtown Newark, a few blocks north of Penn Station. The existing six-story building will expand, and 8,500 square feet of retail will be located in the base. According to NJ Advance Media, Goldman Sachs is financing the majority of the project, dubbed One Riverview, and permits are currently be acquired to begin construction.


609 Broad Street

Mixed-Use Conversion Of Hahne’s Building At 609 Broad Street Underway, Newark

L+M Development Partners, along with a slew of other partners and investors, are currently converting the four-story, 400,000 square-foot Hahne & Co. building, located at 609 Broad Street, in downtown Newark, into a mixed-use structure. 160 residential units are being sculpted out of the upper levels, and 75,000 square feet of retail will occupy the ground floor, which includes a 30,000 square-foot Whole Foods.




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