A mixed-use project that is in the works for a site in Newark’s downtown could receive a lengthy tax exemption from the city’s municipal government.
The Newark Municipal Council is weighing a proposal to grant a 30-year tax exemption to Tower at Halsey and William Urban Renewal, LLC.
The project in question would include two restaurants taking up roughly 8,150 square feet, 243 “market rate residential units,” “27 affordable housing units restricted to 80% of area median income in accordance with [the] City of Newark Inclusionary Zoning Ordinance,” and 156 parking spaces, according to a meeting agenda.
A copy of a proposed ordinance that was released as a public notice states that if approved, this measure would also authorize the execution of a financial agreement and the issuance of up to $1 million in redevelopment area bonds.
The notice claims in part that “the project is for the health, welfare, convenience or betterment of the inhabitants of the city” and that “without the tax exemption granted herein, the project would not be undertaken.” It also says that the estimated project cost is nearly $126 million and that the developer would have to pay an annual service charge and an annual administrative fee.
The agenda lists the address of the development as 16-24, 26-30, and 32-34 William Street, three properties located in Central Ward between Halsey Street and Treat Place. Municipal tax filings list SLB Management, LLC; ERL Battery & Ignition Co.; and HAR STE Realty Corp. as the owners of the tracts.
Strategic Development Group announced plans for the 17-story 270-unit “Vibe” project at this location three years ago, but the agenda and the notice do not include the “Vibe” name. However, they identify Tower at Halsey and William Urban Renewal, LLC’s address as a location in Basking Ridge, Somerset County that is also listed on the websites of Strategic Development Group and Construction Technology Corporation.
This matter was scheduled to go before the Newark Municipal Council for first reading on February 3. The ordinance is on the agenda for second reading and final passage for the meeting on Thursday, February 18, at 12:30 p.m.
Note to readers: The dates that matters are scheduled to be discussed by the Newark Municipal Council and other governing bodies are subject to change.