A sprawling endeavor that represents the largest redevelopment in Newark’s Ironbound section in decades has gotten the green light once again as the former home of Iberia Tavern could be home to a collection of modern high-rises.
The project in question is set to rise on 2.48 acres of land just across from the Passaic River at 450 Market Street. The plans were initially approved by Newark’s Central Planning Board in March of last year.
However, a lawsuit was filed last summer looking to block the project by Newark-based New Jersey Appleseed Public Interest Law Center, a non-profit public interest law center. They sued on behalf of three non-profits including Homes For All Newark (HFAN), who claimed a variety of defects with the approvals.
Specifically, the case claimed that key documents, reports and drawings of the project were not available for public view within the timeline required before the meeting, and that HFAN was “not permitted to cross-examine any of Iberia II’s professionals who testified” during the proceedings.
The court remanded the proceedings back to Newark’s Central Planning Board in a ruling back in September last year, with a judge writing that the plaintiffs had shown cause for their claims.
But Chess Builders, a Bronx developer, was again given the go-ahead to build their four-tower vision at 450 Market Street during a Central Planning Board meeting earlier this month. The application received four hours of testimony spanning two meetings, with many groups speaking against and in favor of the project in front of the board.
Designed by Hoboken-based firm MHS Architecture, the two towers of the project facing Market Street would be 30 stories tall, while the high rises on the other side would rise 26 floors. All four towers would be connected to the 5th floor but then continue as standalone structures above that level.
The development includes a total of 1,408 apartments, breaking down as 313 studios, 517 one-bedroom units, 485 two-bedroom units, and 93 three-bedrooms. 1,123 of those residences are set to be market rate, with the remainder being set aside as affordable housing and fully adhering to Newark’s inclusionary housing ordinance.
The Iberia II development, as it is known, will also feature 18,000 square feet of ground-floor retail space and 620 parking spaces, including 150 spaces designed for public use. The project will sport 60,352 square feet of outdoor amenity space consisting of lounge areas and pools on the 5th and 6th floors, plus amenity areas on 27th and 30th levels of the new towers.
Each tower in the complex will feature a green roof, while a stormwater management system to capture runoff and new water mains will be installed as part of the construction. The development will also incorporate a subsurface detention system and roof drain filtration.
The exterior of the development is set to utilize a combination of large glass windows, two types of metal panels, and a brick veneer at the lower five levels. The $803 million development will be built in two phases, with a construction timeline that has yet to be released.
The newly approved version of the project included some minor design changes that call for the buildings to be set back four feet, negating the need to some of the variances that were part of the initial application. The project is the first major proposal since the City Council passed a sixth amendment to the Riverfront Redevelopment Plan in 2024 that significantly upzoned the neighborhood.
