Newark’s popular Ironbound neighborhood could soon see a new residential development. According to a listing posted on LoopNet, a building called Vesey Street Commons is slated for development at 115 Chestnut Street, a lot located at the corner of Hermon Street that stretches back to Vesey Street. Renderings show that Vesey Street Commons will be a five-story building with 56 two-bedroom units and 16-one bedroom units. The land, owned by Chestnut Global Enterprises, is currently listed for sale for $3.96 million.
Currently, the property is a .66 acre vacant lot. An industrial building used by the Wilson Imperial Company was previously located on the premises, but it was demolished close to a decade ago. In 2015, an indoor sports recreation facility called the Ironbound Sports Complex was proposed for the lot, but after dozens of objectors showed up at meetings of the Newark Zoning Board of Adjustment, the application was denied.
The site is located directly across the street from the Murphy Varnish Works complex, which is being converted into 46 residential rental units and retail space.