A project that could lead to a massive redevelopment of the site of a historic Downtown Newark building may receive a tax break that would last more than two decades.
The Newark Municipal Council is considering an ordinance that would grant a 25-year tax abatement to Metropolitan Building St Urban Renewal, LLC for the Metropolitan Building proposal at 260-266, 268, 270, and 272 Washington Street.
The document says that the plans now call for a 23-story high-rise with 140 “market rate residential rental units,” 67 “affordable housing rental units to be rented to tenants at 50% Area Median Income,” and 6,000 square feet of retail space.
This abatement, which was reportedly requested by the LLC, would cover taxes on improvements and allow for annual service charges.
The ordinance was introduced on January 11 and is up for final approval during the council meeting on Tuesday, January 25 at 10:00 a.m.
260 Washington St Urban Renewal, LLC’s listed address is a PO box in Hicksville, Long Island. State business filings indicate that the firm was incorporated out of Hicksville in June 2020.
Previous applications regarding the project came from 272 Washington, LLC, a company with ties to the Hanini Group.
The existing three-story Metropolitan Building dates back to 1895, according to National Park Service filings.
The plans for the redevelopment of the Metropolitan Building have taken multiple forms since they were first revealed in July 2020. Initially, the project was expected to be an 18-story mixed-use building with 167 residential units, but a subsequent version called for a 22-story building with 207 units.
The latter plan, which was announced in December 2020, called for the removal of buildings at 268, 270, and 272 Washington Street along with the demolition of the “frame and structure” of the Metropolitan Building. The historic structure’s front and side facades were slated to be preserved.
The ordinance that is up for consideration does not mention whether the plans have changed for the proposed adaptive reuse of the facade.
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.