A 70-unit apartment complex in the South Ward of Newark that underwent an ownership change last year could undergo major additional changes in the years to come.
The Terrace Heights property, located at 10-36 Osborne Terrace and 9 Hedden Terrace in the city’s Clinton Hill neighborhood, was acquired in February 2018 by an LLC that is registered out of a Post Office box in the Bergen County borough of Cresskill. The company, Osborne Investments, paid $8.05 million for the 2.03-acre site near Clinton Avenue, according to property records. It appears that there are links between the LLC that now owns the site and Hackensack-based West of Hudson Properties.
Now, the property, which already consists of two buildings, might soon contain far more residents. A legal notice shows that the Newark Central Planning Board is scheduled to hear an application from Osborne Investments and other LLCs on Monday, August 5 at 6:30 pm involving a proposal for three additional buildings on the premises.
Should the plan move forward, each of the proposed buildings would be five stories tall and there would be a total of 124 residential units in the new structures. Two of the buildings are expected to include parking on the ground floor with apartments on the upper four floors. One would contain 80 units and 62 parking spaces while the other would feature 28 units and 17 parking spaces. The third building would contain 16 apartments atop 4,500 square feet of retail space.
The specific locations of each planned building at the site are not yet clear, but the tract includes two surface parking lots along with undeveloped areas.
The developer is seeking Preliminary and Final Site Plan approval with multiple variances in connection with this plan.
Note to readers: The dates that applications are scheduled to be heard by the Newark Central Planning Board and other commissions are subject to change.
