A two-tower development slated for a large parcel just off Broad Street is moving forward after the lots involved in the approved Nova Towers have officially changed hands.
KS Group has announced the acquisition of several parcels at 16-34 William Street in Newark for $10 million. Situated across the street from the Teachers Village development, the properties are slated to be home to a pair of 42-story residential towers that will make their mark on the city’s skyline.
The $400 million development is designed by INOA Architecture and set to deliver 712 residential units. The transaction was backed by acquisition financing that was provided by Levon Capital.
With two towers rising 487 feet each, Nova Towers will include studios, 1, 2, and 3-bedroom layouts, along with an affordable housing component. The two high-rises will share a multi-story podium, and the design of the development includes a sky bridge that will connect the towers at about the halfway point.
Nova Towers is set to feature a sleek, modern glass façade similar to several developments underway in the Brick City, including the Halo. Planned amenities at the development include on-site parking, a spa, a state-of-the-art fitness center, a resort-style swimming pool, lounges, and entertainment spaces.
The announcement of the acquisition by KS Group did not indicate any potential groundbreaking or construction timeline for the project. The company has several projects in the works for Downtown Newark, including the Summit Tower on Market Street, which began demolition work earlier this year.
