As project after project continues to gain approval or break ground along Newark Avenue, a parking lot just off the city’s most notable pedestrian plaza could be the next target for developers.
Earlier this month, a branch of Capital One Bank closed for good at 201 Newark Avenue. The stately building, which was built in 1928, has a parking lot and a drive-thru directly adjacent to the structure. It’s also a bit vulnerable in terms of being protected; the property is not landmarked and falls between the Van Vorst Park and Harsimus Cove Historic Districts but is not located inside of either one.
Most of Newark Avenue is classified the same way and that reality is part of what contributed to the demolition of a 150-year-old building at 270 Newark Avenue last year. However, a revamp of city regulations enacted since then now requires all property owners to submit to a historic preservation review when seeking a demolition permit, so that history is less likely to repeat itself.
The entire parcel of 201 Newark Avenue, including the parking lot, is owned by Trust Company of New Jersey. They are registered out of a P.O. Box in Wichita Falls, Texas, and don’t appear to have listed the property for lease or sale yet. But as adaptive reuse or expansion of buildings like banks and churches becomes more common, the property might be one that Downtown residents should keep their eyes on.
