Two 14-story developments that are in the works for Market Street in Downtown Newark could receive lengthy tax exemptions from the municipal government.
Ordinances that were introduced earlier this month by the Newark Municipal Council shed new light on the latest plans for the Four Corners Millennium Project building at the northwest corner of Market and Washington streets and the development that is envisioned for the Paramount Theater site near the Prudential Center.
Both projects have ties to the Newark-based RBH Group, which is best known locally for the Teachers Village complex in the Central Ward.
Four Corners Millennium Project Urban Renewal Entity, LLC is slated to receive a tax exemption that would last for 30 or 35 years for the $95 million Market and Washington project, an ordinance states. The document also notes that the development is expected to consist of 11,000 square feet of commercial space, 41 underground parking spaces, and 220 residential rental units, “of which approximately 44 units will be affordable housing.”
Jersey Digs first reported on the proposal for this version of the Four Corners Millennium Project in 2019.
A few blocks east, the development at the Paramount Theater site was the subject of a 30-year tax exemption request from the similarly named Four Corners Millennium Project Urban Renewal Entity II, LLC, according to the other introduced ordinance.
This document states that the $104 million project at the Paramount location, which includes 193-195, 197, and 199-201 Market Street along with 12 Beaver Street, would contain 244 residential rental units and 49,197 square feet of commercial space. “Affordable housing” for people making up to 60 percent of the area median income would reportedly be provided through 49 units on the premises.
Back in 2018, an RBH Group spokesperson stated that as part of this project at the theater site, “we plan to restore the facade and redevelop [the site] into retail and housing, the retail component of which may even have a theater.” It is not yet clear whether those plans have changed.
The results of a special Newark Municipal Council meeting on Tuesday, July 20, at 10:00 a.m. could determine whether these ordinances will be enacted.
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.