For centuries, Broad Street in Newark has been one of the busiest thoroughfares in the state. Historically, shops have lined the street for several miles, but now, many changes are happening along the block. Several new residential developments are coming, or have already come, to the Broad Street corridor, which stretches from near Newark Liberty International Airport to the North Ward of the city. Most of the new projects are concentrated near Downtown Newark.
One of the most recently unveiled projects is coming to 869-873 Broad Street, at the northwest corner of William Street. The four-story building at the site, which was built in 1910, was originally an Oppenheim Collins department store but has recently contained stores and offices. Now, a new proposal calls for 37 residential units on the upper floors of the building. The project was approved with conditions by the Newark Landmarks and Historic Preservation Commission in May. According to Pierson Commercial Real Estate, 22,000 square feet of retail space is available.
In addition, a new tower is planned for the corner of the Broad Street and Hill Street. According to a legal notice, the proposed new mixed-use building will be 12 stories tall and will contain close to 7,000 square feet of retail space and 176 apartments. The site is adjacent to the already existing Hallmark House tower and plans call for adding a penthouse and improving landscaping of that building.
Further north on Broad Street, more apartments are proposed. A Somerset County-based developer is planning to convert the building at 378 Broad Street, at the corner of 8th Avenue, into mixed use. A legal notice from the Newark Central Planning Board shows that five residential units are planned for the upper floors of the vacant building, and the ground floor will be used as commercial space. The building was previously occupied by the Caceres Agency and C&J Food Market and Deli.
Two additional major projects for Broad Street were revealed earlier this year. L+M Development Partners is converting Verizon’s former New Jersey headquarters building at 540 Broad Street near Washington Park into over 260 apartments. There will also be a fitness center and retail space in the 21-story building, which was acquired in May for over $16 million. The project, 20% of which will contain affordable housing, was approved in June. Plus, LOTUS Equity Group is planning to demolish and redevelop the site of the Newark Bears and Eagles Riverfront Stadium a few blocks away near Division Street.
Two of the new complexes on the block have already opened. 999 Broad, which contains 104 apartments between Court Street and West Kinney Street, opened in August at the site of a USPS facility. A day care center is also planned for the building, which is run by RPM Development Group. Plus, a new 10-story building containing a parking garage, a Cablevision call center, a police substation, and a News 12 bureau, was completed last year at 494 Broad Street.