For the last several decades, the skyline of Downtown Newark has largely been the same. Despite a recent increase in development in the heart of New Jersey’s largest city, the National Newark Building has retained its position as the tallest building in Newark, a title it has held since it was completed 87 years ago. However, Jersey Digs has learned that two developers are in the preliminary stages of a proposal to construct a new high-rise tower within a stone’s throw of the National Newark Building that would be the highest in Essex County if approved.
Although a source who spoke under the condition of anonymity was unable to release the exact address where this new 42-story building is being proposed, they confirmed that it would be on Broad Street in the middle of Newark’s Central Business District near the Four Corners, Prudential’s headquarters, and Military Park. It is set to contain 9,000 square feet of commercial space on the ground floor with 480 residential units on the upper floors. In addition, a rooftop amenity space would be provided for residents of the high-rise.
Carmelo Garcia, Newark’s Acting Deputy Mayor for Economic and Housing Development, said that 20 percent of the units in the development would be designated as “affordable housing” if the project is given approval by the Newark Central Planning Board. He described this building as an “anchor catalytic project” for the city that has been in the works for over a year.
“It will compliment (sic) the skyline of our city and really add value to what we’re attracting downtown and around the city,” Garcia explained, adding that “we’re thrilled that in working with them [the developers], they’ve embedded the 20 percent affordability requirement and that they’ve provided a design that really mirrors the strategy of the redevelopment that we’ve been looking for in Newark.”
Jersey Digs will keep you updated as additional information, including renderings and the exact address, are revealed for this proposal.