A site near Newark’s University High School and a separate area near West Side Park could each become home to residential developments if current plans move forward.
The Newark Land Bank (NLB) issued requests for proposals seeking joint venture development partners for these two locations.
At 722-724 and 726-728 Clinton Avenue in the city’s Clinton Hill neighborhood, the NLB is looking to make two adjacent vacant lots the site of a “high-quality low-rise multifamily” project with 30 to 40 residential units.
The document calls this neighborhood “one of Newark’s emerging markets,” noting that “the redevelopment of the Clinton Avenue corridor properties is intended to incorporate new buildings into the existing fabric.”
Less than a mile away at 673-687 South 16th Street and neighboring 678-690 South 17th Street near West Side Park, the NLB wants to create a mid-rise development at an old industrial site. The request for this location describes plans for “80 or more mixed-income units with parking,” noting that zoning in the area allows for buildings to be up to eight stories tall.
For each project, the requests note in part that the NLB intends to “expedite the permitting approval process, provide a tax exemption on the cost of construction material, obtain a Payment in Lieu of Taxes (PILOT) for the project, and assist with project financial modeling.”
“At least 30% of the units must be affordable” in accordance with Newark’s Inclusionary Zoning Ordinance, according to the requests.
Proposals are due by September 9 and construction would reportedly need to begin by April 1, 2022.
The idea for the NLB was first recommended in the Newark Forward report that came out in 2018. The plan did come to fruition, with the NLB currently being operated out of Invest Newark, which was previously branded as the Newark Community Economic Development Corporation and the Brick City Development Corporation.
