An apartment project in Newark’s West Side neighborhood that has been in the works for more than four years recently secured critical approvals from city council members. The project was recently granted a 25-year tax abatement, which will enable a developer from Roselle Park to build a four-story residential building at 666-676 South 12th Street.
Meeting documents from the June city council meeting state that the developer, Unity 12th Street Development Urban Renewal LLC, intends to build 24 affordable housing units and 24 parking spaces. Three units will be allotted to residents earning less than 40% of the area median income, while the rest of the units will be allotted to residents earning less than 60% of the area median income.
Although several Newark residents voiced their opposition to the tax abatement before city council members cast their votes, the ordinance for the financial agreement was passed unanimously. The city council agreed that instead of paying its full tax burden for the next 25 years, the developer will pay the greater of a minimum annual service charge or an annual service charge equivalent to between 6.28% and 7.50% of the total project cost.
Property records from the Essex County Register state that the site of the project has been owned by the developer from Roselle Park since 2020, when it traded for $300,000.
The limited-liability firm listed in the ordinance uses the same address as GonSosa Development, a real estate development firm that lists nine residential developments in Brick City on its website.
The company is also part of the Rise Living development at 650 Springfield that was spearheaded by Queen Latifah and Life Assets Development, and has been reported to have worked on developments in Elizabeth and Plainfield.
As Jersey Digs reported, the developer went before the Newark Zoning Board of Adjustment in November 2021 to secure preliminary and final site plan approval for the project on 12th Street.
GonSosa and Ricardo Sosa, the president of the firm and signatory to the deed transfer, did not return a request for comment from Jersey Digs.
