A project consisting of hundreds of residential units that is slated to be built near one of Newark’s busiest transit hubs will receive a tax break that will last for decades.
An ordinance granting a 30-year tax abatement to Broad Street Urban Renewal, LLC in connection with the development at 349-377 and 379-397 Broad Street was passed by the Newark Municipal Council on August 19, according to the city’s municipal government.
The Carlstadt-based LLC is associated with Russo Development, the North Jersey company responsible for the Vermella complexes and other projects around the region.
This project is currently slated to include two buildings that will each be five stories tall.
There will be around 269 “market-rate residential rental units” and 30 “one-bedroom affordable housing units” for households earning up to 80 percent of the area’s median gross household income, the ordinance says. Parking will also be provided.
Like most tax abatement ordinances for large developments in Newark, this one claims that the Newark Municipal Council has determined “that the relative benefits of this project outweigh any costs associated with this proposed tax abatement and that without the tax abatement granted herein, the project would not be undertaken.”
The abatement reportedly covers taxes on improvements and permits the City of Newark to collect an annual service charge.
The development site on Broad Street has long sat vacant in the shadow of the Pavilion Apartments. The premises are located at the southern edge of the Lower Broadway neighborhood within a short walk of Newark Broad Street Station.
