A vacant property situated between apartment buildings in the South Ward of Newark could soon contain an apartment building as well.
The Newark Municipal Council adopted a resolution on May 20 that involves the sale and redevelopment of 158-164 Chancellor Avenue in Weequahic. Located between Maple Avenue and Parkview Terrace, the tract has long sat vacant, but is now slated to become home to a development with 75 residential units.
Newark’s municipal government is planning to sell the parcel for nearly $140,000 to DLAM Community Development, LLC through a private sale, according to a resolution. The company is planning a “luxury market rate rental” project with 15 “affordable housing” units. An unspecified amount of parking would be provided as well at the nearly 11,600 square foot site.
DLAM Community Development, LLC reportedly submitted a letter of intent to the City of Newark involving purchasing and redeveloping 158-164 Chancellor Avenue. The company is registered out of 177 South 7th Street, a property that is owned by the Val-Tech Group of Bushwick, Brooklyn, according to municipal tax filings.