A lengthy tax break could be in store for a major development project in Newark’s East Ward.
“The Ballantine,” which is expected to be constructed in place of an industrial building at the old Ballantine Brewery site at 74-82 Freeman Street and 428-444 Ferry Street, is the focus of a proposed ordinance that was introduced last month by the Newark Municipal Council.
The ordinance calls for granting Manhattan-based developer Ballantine EFG Property Owner, LLC’s application for a 25-year tax abatement. The deal would cover taxes on improvements, though the company would have to pay an annual service fee to City Hall that would be based on 7.5 to 12 percent of the development’s annual gross revenue.
The proposal for The Ballantine currently calls for 246 “market rate residential rental units,” 34 “affordable housing rental units,” around 2,600 square feet of retail space, and around 125 parking spaces, the ordinance says.
A slight majority of “affordable” units would be reserved for tenants earning less than 80 percent of the area’s median income while eight units would be for those earning less than 60 percent of the area’s median income. An additional eight apartments would be designated for tenants who make less than 40 percent of the area median income.
This ordinance, like nearly every recent ordinance for a major tax abatement in Newark, claims that the project would not be undertaken if not for the tax exemption.
The ordinance could receive final approval during the Newark Municipal Council’s meeting on Wednesday, January 5 at 12:30 p.m., according to a notice from City Clerk Kenneth Louis.
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.