A Union County-based company spent millions last year to acquire an undeveloped property located across the street from a major adaptive reuse project in Newark’s East Ward.
Ironbound Living Chestnut Urban Renewal, LLC now owns 115-123 Chestnut Street, a large vacant lot situated opposite the Murphy Varnish Lofts complex in the Ironbound neighborhood. The firm, which is registered out of the same address on North Avenue in Elizabeth as American Landmark Development, acquired 115-123 Chestnut Street for $3.8 million over the summer from a Delancy Street-based business called Chestnut Global Enterprises, according to property records.
Back in 2017, Jersey Digs reported that the premises had been listed for sale for $3.96 million and that there were plans for a five-story project known as Vesey Street Commons that would have included more than 70 units. Before the site became vacant, the Wilson Imperial Company owned the property and it was used for industrial purposes. Five years ago, an indoor recreation center called the Ironbound Sports Complex was envisioned for the premises, but the plans did not receive the necessary approvals.
The Murphy Varnish Lofts project across Hermon Street from 115-123 Chestnut Street was completed last year. The redevelopment effort involved the conversion of a vacant industrial complex into 46 market-rate rentals along with retail space.