A block in Newark’s East Ward might soon no longer be in the hands of the city’s municipal government.
The City of Newark is planning to sell the part of Commerce Street on the east side of Newark Penn Station that runs between Raymond Plaza East and Market Street, according to an ordinance that was introduced on November 4.
The buyer is expected to be Station Plaza Newark Downtown Core Urban Renewal Company, LLC, a company that NJ Advance Media reported in 2015 to be an affiliate of Newark-based Edison Properties. An Edison ParkFast location sits on one side of this part of Commerce Street while Mother Cabrini Park can be found on the other side.
In return for allowing the block to be “vacated as a public street or right-of-way,” the LLC is expected to pay $5.2 million, “assist in the construction of a homeless shelter,” and provide “a portion of Station Plaza’s property abutting the Passaic River to assist in the development of a waterfront park,” the ordinance says in part.
Unlike the primary part of Commerce Street that can be found in Downtown Newark, this short stretch of the block is typically closed to drivers and has been used over the years to park vehicles belonging to New Jersey Transit.
The Newark Municipal Council is scheduled to vote on whether to grant final passage to the ordinance during a meeting today, Monday, November 15, at 12:30 p.m.
Note to readers: The dates of hearings before the Newark Municipal Council and other governing bodies are subject to change.
