A narrow tract in Newark’s Central Ward that is owned by the city’s municipal government could be sold to a developer for just over $10,000 as part of a plan for a new student housing complex.
The nearly 1,500-square-foot lot at 110 James Street in University Heights has sat vacant for more than a decade, but it could become the site of a 15-unit off-campus housing development, according to a proposed resolution. The document indicates that the parcel, which has an assessed amount of $32,200, would be given to Mission Realestate Projects, LLC for $10,459 through a private sale.
This proposal calls for “adding the above-mentioned property to the adjacent properties at 8 and 10 Summit Street,” according to the proposed resolution. The matter was initially scheduled to go before the Newark Municipal Council on October 21, but the Newark Legislative Research Center lists its status as “held in council.”
Located a block west of Dr. Martin Luther King, Jr. Boulevard, the site is situated a short walk away from Rutgers University-Newark and the New Jersey Institute of Technology, but the proposed resolution did not mention if the student housing complex would be intended for students of a particular school. The address listed for Mission Realestate Projects, LLC is on the NJIT campus.