Overview

Description

Marcus & Millichap has been exclusively retained to present a tremendous development opportunity in Newark, New Jersey's Lincoln Park redevelopment zone. Located on a .89 Acre parcel just blocks from downtown and Newark Penn Station, this proposed development is 22 stories, comprised of 19 floors of residential housing along with ground floor retail. Four and a half floors (one sub-level) of parking provide 300 spaces.
The information contained herein represents a vision of what a developer could build on this parcel. Designs from two architectural firms were utilized to present the layouts proposed in the package.
This property is also located in a qualified Opportunity Zone, providing an investor/developer with the added benefit of taking advantage of tax incentives. Currently, the lot is occupied by two buildings (5 commercial tenants) and a parking lot, each generating income for a new buyer while they pursue approvals.
The Lincoln Park redevelopment zone plan has approved this lot for taller office and mixed-use buildings with a minimum of three stories. There is no maximum to the number of stories permitted. The development zone primarily limits building heights to 6 stories or less. This property sits in the Mulberry mixed use district, which is the only district that has no limitations on permitted height.
Newark, New Jersey's resurgence is not limited to the numerous commercial and residential developments in the downtown area. In fact, multi-million dollar investments are being made to improve the public transportation systems (Newark Penn Station/Newark Liberty Airport), public spaces (Mulberry commons/Riverwalk), and revitalize cultural structures (Symphony Hall

Highlights

• 22 Story mixed use building in Downtown Newark
• 598 residential, 2 commercial units
• Residential unit mix includes studio, One, Two and Three bedroom units
• Located in Lincoln Park Redevelopment zone which has NO maximum height limits
• Opportunity Zone provides investor/developer with tax incentives
• Just blocks from Newark Penn Station, Prudential Center
• 20% affordable component required by the City of Newark
• Project eligible for PILOT program and (potentially) Aspire Tax Credit

Documents

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