The developer of a project that is expected to turn a long-vacant structure in Newark into a residential building will receive a lengthy tax break from the city’s municipal government.
During its meeting on August 24, the Newark Municipal Council adopted an ordinance granting a 20-year abatement from improvements taxes to 446 ITB Urban Renewal, LLC for the development at 446-450 Irvine Turner Boulevard along with 140 and 142 Ridgewood Avenue in the South Ward, according to a notice from City Clerk Kenneth Louis.
Mayor Ras Baraka is listed as having approved the ordinance on August 26.
The ordinance says that the company applied to the mayor for a long-term tax abatement in connection with the adaptive reuse project, which is slated to bring 29 “market-rate rental units” to this four-story building. An annual service charge will be assessed by the City of Newark.
While Jersey City has slowed down on the number of tax abatements that it grants for residential developments, Newark has not. Most tax abatement ordinances in Newark, including this one, state that the developments would not be completed without them.
This ordinance associates 446 ITB Urban Renewal, LLC with an address in Bloomfield while municipal property tax filings list a North Carolina UPS Store as the company’s address.
Jersey Digs first reported on this project more than two years ago. At the time, 446 ITB, LLC was seeking preliminary and final site plan approval with several variances in order to proceed with the development, which is the latest of several projects to be proposed for the premises over the years.