Newark’s 84-Unit Spring Street Commons to Receive Tax Abatement

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Spring Street Commons 73 87 Clay Street Newark
Spring Street Commons, 73-87 Clay Street, Newark. Rendering via Sterling Bridge Investment Partners/Comito Associates.

A mixed-use project that has been in the works for Newark’s Lower Broadway neighborhood for several years appears to be moving forward.

A groundbreaking ceremony for Sterling Bridge Investment Partners’ five-story Spring Street Commons development at 73-87 Clay Street was held on July 24, according to RealEstateNJ, and the project could be completed by late 2019. City records show that the 99,010-square-foot development is expected to include 84 market-rate residential units along with 4,630 square feet of retail space on the ground floor. The retail space will be divided into three units.

Jersey Digs broke the story regarding this Comito Associates-designed project back in 2016, but there had been little visible progress at the premises until recently. Located near McCarter Highway, the Clay Street Bridge, and the Newark Broad Street train station, the property once contained a Legge Industries mason supply warehouse.

The site was acquired by Spring Street Commons Urban Renewal, LLC from a Cresskill-based firm in March for $4 million. The LLC, which is registered out of the Ridgewood home of Sterling Bridge managing partner Louis Reynolds, applied earlier this year for a 15-year abatement on improvement taxes for the development from the City of Newark.

A legal notice from City Clerk Kenneth Louis states that “the Department of Economic and Housing Development has determined…that the relative benefits of this project outweigh any costs associated with this tax exemption and that without the tax abatement granted herein, the project would not be undertaken.”

An ordinance approving the tax abatement was approved by the Newark Municipal Council on July 11 and signed by Mayor Ras Baraka on July 13.

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11 COMMENTS

  1. How many working families r going to be able to afford these luxuary apartments that r being put up in Newark the rent is so high that we minarities cant afford to live in it and it’s sad cause we worked had so we should be able to live nice the economy and the white man’s paychecks is going up but our colored people’s paychecks is still at a standstill

      • That is such BS. How many under-educated whites made it to the middle class because they had home loans thrown at them? You do know that the government initially built affordable public housing, so that whites could have a place live not far from work, where they could raise their families. But yet minorities failed?

    • You mispelled “minarities” most likely because thats how you speak…uneducated & spireful at anyone else who lives better.

      For DECADES center city Newark has been devoid of residents. Newark is a donut city with an uninhabited downtown.

      No effort was made by “minarities” (I’m Puerto Rican btw & you dont speak for us) to get residents downtown or build affordable housing downtown. That’s because you racist AA minorities complaining about whites moving in did NOTHING for 40 years!

      Look at downtown 60 years after the riots!
      75% of Broad street retail is topped by abandoned structures with gigantic signs covering the rotting facades!

      The Italians of N.Newark sold to Puerto Ricans & Bloomfied ave is intact to this day as a commercial corridor.
      The same for the Ferry street/Wilson Ave corridor. Italian to Portuguese & is now the main shopping area in Newark!
      For years one lived in Downtown outside Nevada,Hallmart,Tiffany apts, Clinton st, Colombia ave & 1180!

      Let the rich move to downtown Newark!
      It is the rich who help communities with philanthropy.

      It is also disingenuous to suggest white collar people ,doctors,lawyers,etc arent “working people”!

      It is despicable you pretent there arent any white collar minorities. Is Shaquille O’Neal white?

      Finally, the REAL REASON FOR YOUR RANT is your hatred for white people.

      • First of all she did spell “minarities” correctly; It is MINORITY that was misspelled. Second of all, YOU misspelled spiteful as well; so before you come for someone on how they spell something and make ignorant statements or assumptions about how they speak, look at yourself first. Third of all for YOU to assuming she is African American can also be viewed as “racist”. You don’t know what creed, race, nationality, or ethnic group she is a part of; But at the end of the day she is speaking for those who have lived in Newark and have called it home for many years. She does speak for those who want to continue to afford living in their homes.

        I don’t want to make any assumptions about you, but you don’t sound like someone who is here to help. You don’t sound like someone who has a solution. You don’t sound like someone who has the capital, or the wherewithal to make a difference in a community that is bound to be disenfranchised. So instead of attacking her speech, and speaking ill of her in general, why don’t you figure out a way to help? Why don’t you reach out to her and explain that at the end of the day we are ALL in this together, and much like the other racial and ethnic groups, we as minorities need to stick together…..JUNTOS.

  2. “This is ridiculous, another market tent apartment that we can not afford going up in our city, approved by our honorable Ras Baraka” smh!!! Where were the signs for a town hall meeting letting the residents of Spring Street know about this project so we could’ve spoken our mind in regards to the Chaos this will affect on the parking ward we have on Spring St. already our Major know we spoke to him about this when he was running to get reelected again I guess no F given. I rather have a Taco Bell that doesn’t take up any of our parking space then this new 84 units with 3 commercial that will create chaos with a parking ward on Spring street which we already have Lisa Gray. Why are you complaining so much about this Taco Bell if you don’t even live anywhere near it? Don’t worry when you open up your windows your house won’t be smelling like grease.

  3. They are gentrifing Newark soon no one will be able to afford to live here. Everything being built is called Luxury housing. They did it in Brooklyn NY that is why I moved here 11 years ago. Soon we will all be living in Newark Penn Station

  4. Change is hard. Cities everywhere are adapting to the changing needs of society. People must change too, adapt and learn new skills so they can be productive members of society. Self-reflection is hard, but it is necessary when things around are changing. I have had to change careers many times in my life. I went to school in my mid 40’s to learn new skills so that I could remain in the job market. We all want the same things, food, love, and a roof over our heads, we just have to recognize that we have the power to make changes in our lives that will help us get these things. A building is not going to change the big picture.

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