A plan to make a former Newark factory the base of a new residential development could be approved this week.
A legal notice shows that M&M Development, LLC, which is based in the city’s Ironbound neighborhood, has applied to the Newark Zoning Board of Adjustment (ZBA) to create the “Goldsmith Lofts” at 84-92 Parkhurst Street. The development, which would include 58 units, would be seven stories tall and include parking in the basement. Located at the corner of Austin Street, the Goldsmith Lofts would include and be built around the four-story building that currently stands on the premises.
The existing structure’s second-floor windows have been boarded up for around a decade but the windows on the third and fourth levels appear to be original to the building. An inscription that says “Larter & Sons” can still be found above the front door, a reference to the jewelry company that once used the building as a factory. The company, which was founded in 1865, later moved to Old Bridge Township and closed in 2014. Later, the building on Parkhurst Street was home to other industrial firms and an arts and cultural incubator called The Diamond Factory.
M&M Development acquired the building for $975,000 earlier this year, according to NJ Parcels. The company’s website features a rendering for the proposed Goldsmith Lofts and states that 12 of the units would be “affordable” while the rest would be market rate. A gym, laundry room, and community room would be included in the building.
The ZBA is scheduled to hear the proposal during its meeting this Thursday, September 20 at 7:00pm. M&M Development is seeking Preliminary and Final Site Plan approval in connection with the project, according to the notice, along with variances such as height, parking, and front yard setback.
This project differs from other recent proposals in Newark not only because of the plan to turn an older four-story building into a seven-story residential development, but also because the developer did not apply for approvals using an anonymous LLC and because of the site’s location. While most plans for new development in the city as of late have been for properties in the Ironbound, University Heights, and Downtown Newark, this site is situated several blocks south of Lincoln Park and is just over a mile from Newark Penn Station. However, public bus service is provided nearby on Broad Street.