A mixed-use proposal that would probably rank as the largest in the history of Newark’s Ironbound neighborhood will be the subject of a special session as a four-tower plan will be discussed by officials later tonight.
The Newark Central Planning Board will be holding a special meeting on March 3 to review an application for a block known as 450 Market Street. The proposal is the first major development to be heard since Newark adopted new zoning laws for the neighborhood last year that almost tripled the allowable density for several lots inside the Riverfront Redevelopment Plan.
The previous zoning only allowed 12 stories in height, but the modifications changed the allowable heights to up to 30 floors. That upzoning is being taken advantage of by Iberia II Realty Urban Renewal LLC, a company that owns a combined 2.48 acres of land just across from the Passaic River.
The entirety of the company’s property spans from 450-466 Market Street and includes lots on 31-39 Jefferson Street. Designed by Hoboken-based firm MHS Architecture, the proposed project would consist of four new high-rise mixed-use buildings consisting of a pair of 30-story towers and two 26-story towers.
The two towers 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.
A total of 1,408 residential units are included in the entirety of the project, breaking down as 313 studios, 517 one-bedroom, 485 two-bedroom, and 93 three-bedroom units. 20% of the units would be set aside as affordable housing under the plan.
A grand total of 620 parking spaces are included in five levels of parking garages at the proposed development. The number includes 150 spaces for public usage and 93 “make-ready” spaces equipped with electrical infrastructure for EV usage.
Access to the site’s enclosed parking garage will be provided from two driveways on the southern corner and northern corners of Jefferson Street. Approximately 18,000 square feet of retail space within five storefronts is included in the proposal, which hopes to activate the streetscape.
The potential complex will include significant perks for future residents that include 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 is additionally proposed to have a green roof.
The exterior of the development would utilize a combination of large glass windows, two types of metal panels, and a brick veneer at the lower five levels. The project would be built in two phases if it moves forward, with both portions including a pair of towers.
The developers are seeking relatively minor variances from existing zoning to move the project forward. They are deviations related to insufficient shade trees, excessive entrance and walkway illumination, and active ground floor requirements.
While Downtown Newark has had a few proposals of this size emerge in recent years (particularly ones for the former Newark Bears site), the 450 Market Street plan is by far the largest proposed for the Ironbound in decades. The application is being heard during a virtual hearing tonight at 6.p.m. meeting, which can be joined at this link.
