NEWARK, NJ – Newark City Council on Thursday granted a 30-year tax break on a project to build a resort-style apartment complex with 270 units for the downtown redevelopment area.
The ordinance introduced a Tax Instead of Tax (PILOT) program that authorizes the project to execute a financial agreement and issue redevelopment bonds worth up to $ 1 million. Basking Ridge-based developer The Tower at Halsey and William Urban Renewal, LLC., Is planning to build a building called “Vibe – The Tower at Halsey and William,” which will consist of 243 standard residential units. 27 affordable housing units, two restaurants and 156 parking spaces, plus other amenities between 16 and 24; 26-30; and 32-34 William St.
The applicant for the project, Anthony Bastardi, Chairman and CEO of Strategic Development Partners, is represented by Angelo Genova and Jennifer Mazawey of Genova Burns, LLC.
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“One of the obvious benefits of the project is the construction of a state-of-the-art, high-rise mixed-use project in Newark south of Market Street where that type of development was lacking,” Mazawey told TAPinto Newark. “The project is not only bringing affordable housing units to the city, but is also renovating a corner property that has been vacant for a long time and is bringing the city the necessary tax revenue. The contractor also contributes to the city’s affordable housing trust fund.
“It’s a beautiful building that also protects some historical elements of the existing structure, namely the historical terracotta tiles that are included and kept on the existing building and will be converted into the new building,” added Mazawey.
As development continues in downtown Newark, the William Street project is close to a project that went to the city’s planning authority in December that saw an applicant consider building a mixed-use tower in downtown Newark proposed. 272 Washington, LLC., A company affiliated with the Hanini Group, calls for the construction of a 22-story tower with 207 units.
The Teachers’ Village on Halsey Street is also near William Street. The development started in 2012 comprises eight buildings, including three charter schools and more than 200 apartments.
The William Street building is near major transportation hubs in the city such as Newark Penn Station, PATH, NJ Transit, the bus routes and Newark Light Rail, as well as Newark Liberty International Airport and is said to have many of the restaurants downtown Newark’s entertainment and sports venues are accessible from the property.
“This agreement will revive Newark City’s redevelopment efforts that had slowed as a result of the pandemic,” Bastardi said. “City officials have shown their commitment to support this development and create a favorable business environment to bring exciting projects like Vibe to market.”