The developers of a new warehouse in Newark are set to receive a lengthy tax break.
A company named CenterPoint 49 Rutherford Urban Renewal, LLC is moving forward with a new complex just east of the New Jersey Turnpike and submitted an application for a 20-year tax abatement, according to a new ordinance.
The ordinance says that the firm intends to bring “approximately 179,317 square feet of warehouse space, 6,600 square feet of office space, 166 parking spaces, and 93,000 square feet of open space” to 17-89 and 91-127 Rutherford Street.
The Newark Municipal Council adopted the ordinance on August 19 and it was approved by Mayor Ras Baraka five days later, according to a public notice. This will allow the tax abatement and associated annual service charge to proceed.
CenterPoint, which is based in the Chicago suburbs, announced in 2019 that it had acquired the 12.62-acre site. The company posted a video last year branding the project on the premises as “CenterPoint at Port Newark.”
The part of Newark’s East Ward stretching from Routes 1 and 9 to the Passaic River and the Newark Bay has long been heavily industrial, in part due to the port being situated nearby. The parcels on Rutherford Street previously contained a separate industrial complex, but were the site of demolition last year.