A development firm looking to construct a new mixed-use building in a Newark neighborhood will soon become the owner of two properties that are currently owned by the municipal government.
In June, we told you about plans by Gomes & Gomes Development, LLC, an apparent affiliate of the Gomes Group, to bring a five-story complex to Newark’s Central Ward.
Located within a half-mile of the Newark Broad Street train station and both the Orange and Norfolk Street light rail stations, the proposed building would include 105 apartments and 4,250 square feet of ground-floor retail space.
Under the proposal filed with the Newark Central Planning Board earlier this year, the development would involve 254, 256, 258-260, 262-264, 266, 268, and 270 Orange Street along with neighboring 12 Newark Street.
However, one of those properties, 254 Orange Street, is owned by the City of Newark, but likely not for much longer.
The Newark Municipal Council adopted a resolution last month that will allow City Hall to sell 254 Orange Street to Gomes & Gomes Development for $64,237.32.
In addition, under the same resolution, the City of Newark is expected to sell 253-257 Orange Street, a small property at the corner of Nesbitt Street that has been home to the Orange Street Community Garden, to the developer for $22,950. A community dog park is now slated to be constructed as well.
The resolution claimed that the “redevelopment of said properties will contribute to the social and economic improvement of the Central Ward in accordance with the intent, goals and objectives of the City’s strategy to rehabilitate and reinvigorate neighborhoods with quality housing; additional stores, services and recreational facilities; and improved public spaces.”
Newark’s Department of Economic and Housing Development recommended the sale price based on a $28 per square foot metric for 254 Orange Street and a $10 per square foot metric for 253-257 Orange Street.
Construction on the project is required to begin within 14 months after Gomes and Gomes Development receives construction permits and to be completed within two years after that date, according to the resolution.
