The City of Newark is continuing to sell land that it owns to developers, usually for prices lower than the assessed or appraised value. Now, seven attached properties in the city’s Central Ward are set to be acquired by a local company in order to construct a mixed-use development.
Records from the city show that the Department of Economic and Housing Development is looking to sell 333, 337, and 339 Mulberry Street, along with 17, 19, 21, and 23 Scott Street, to a South 19th Street-based company called the AC and J Restoration Group Corporation. The company is seeking to build a new project that is being referred to as Scott Towers.
The proposal has yet to go before the Newark Central Planning Board or the Newark Zoning Board of Adjustment, but if approved, the building would include 90 “affordable and market rate” residential units along with one retail space. 35 parking spaces would be provided on the premises. As part of the contract between the developer and the city, construction would have to begin within three months of the sale and be completed within two years.
Currently, the premises, which are located near Newark Symphony Hall and the federal government campus, contain vacant and gated lots. Despite an assessed value of over $600,000 and an appraised value of $330,000, the city is planning to sell all seven properties for the negotiated price of $200,000. Demolition and remediation of the 13,329.58-square-foot site is estimated to cost $95,000. The Newark Municipal Council was initially scheduled to vote on the proposed sale during its meeting on May 10, but the resolution is currently being held in council.
This news comes amid proposals for other properties nearby, including a 252-unit mixed-use development and a 24-unit project just yards away.
