Several adjacent municipally-owned properties in Newark’s Central Ward that have long sat undeveloped could soon be in the hands of a private company.
The Newark Municipal Council approved a resolution earlier this month that will allow 295-297, 299, 301, and 303 Morris Avenue along with 64 14th Avenue to be sold to a South Jersey-based LLC called Faro Development. The firm, which is registered out of the Intelligent Office location in Marlton, is expected to buy all five tracts for $88,158.07, despite their assessed value of $175,200.
City records show that Faro Development is preparing to construct a four-story building on the premises that would be known as Gateway Apartments. Should the project continue to advance, the development would consist of 24 units along with parking.
Located in the shadow of St. Rocco’s Roman Catholic Church and the Greater Bethel Baptist Church, these corner properties have sat undeveloped for well over a decade but used to contain the Ujimaa Garden. The resolution mentions that the lots “are no longer needed for public use” and that the developer submitted a letter of intent to City Hall seeking to buy the site.
Construction on the Gateway Apartments must be finished within two years after the ownership of the premises is transferred, according to the resolution.
