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Thread: Newark Development

  1. #10006

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    Ani Ramen is taking the spot next to Barnes & Noble

  2. #10007

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    Quote Originally Posted by msands7 View Post
    Ani Ramen is taking the spot next to Barnes & Noble
    That's awesome! There has been some good movement in retail lately: the IHOP and Cornbread on Broad Street, Zaro's bakery next to Whole Foods, Oren's Coffee and Halal Guys at Ironside Newark, The Yard restaurant coming to Military Park, the Starbucks at Penn Station. And now this. I've also heard rumors of a sit down restaurant at One Theater Square. Lets hope the momentum continues.

  3. #10008

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    Quote Originally Posted by scrollhectic View Post
    That's awesome! There has been some good movement in retail lately: the IHOP and Cornbread on Broad Street, Zaro's bakery next to Whole Foods, Oren's Coffee and Halal Guys at Ironside Newark, The Yard restaurant coming to Military Park, the Starbucks at Penn Station. And now this. I've also heard rumors of a sit down restaurant at One Theater Square. Lets hope the momentum continues.
    9k SF is also leased for a restaurant/bar on Mulberry Commons in Ironside. The Petco space is still for lease, though

  4. #10009

    Default New Starbucks Opens Inside Newark Penn Station

    Commuters: New Starbucks Opens Inside Newark Penn Station

    By Tapinto Newark Staff
    January 22, 2020 at 11:56 AMo Print
    Share t


    A new Starbucks opened inside Newark Penn Station's Main Concourse.Credits: NJ Transit

    https://www.tapinto.net/towns/north-...k-penn-station


  5. #10010

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    anyone know if downtown housing (Hahnes/Theater Sq., Shaq) is successful or not?

  6. #10011

    Default 40-Story High-Rise Proposed for Newark’s Lower Broadway Neighborhood

    By Jared Kofsky


    February 21, 2020


    Site of proposed development at Clay Street, McCarter Highway/Route 21, and Mount Pleasant Avenue, Newark. Image via Google Maps.

    A neighborhood situated just north of Downtown Newark could potentially become the site of one of the tallest buildings in the state’s largest city.
    The Newark Central Planning Board is scheduled to hear a proposal later this month involving an application to redevelop seven properties in the Lower Broadway community. A firm called 96 Clay Partnership, LLC is seeking approval in connection with a proposed 40-story development at 94 Clay Street, 1239, 1241, and 1243 McCarter Highway/Route 21, and 316-320, 322-326, and 328-330 Mount Pleasant Avenue, according to a legal notice. The building that is being planned would consist of 484 residential units and ground-floor commercial space.


    State business filings show that 96 Clay Partnership, LLC was incorporated in October 2019. Although the notice lists the company as the owner of premises, municipal tax records state that six of the tracts are owned by Nutley-based 96 Clay Street, LLC while the seventh is owned by Best Holdings Corp. The site currently includes 96 Clay Cabinetry and an automotive business.

    Should this project end up being approved and ultimately constructed by the developer, it would be the first high-rise constructed in this immediate area north of I-280 since the Pavilion and Colonnade Apartments were built close to six decades ago. Located not far from the Lower Broadway business district, the Newark Broad Street train and light rail stations, and the Clay Street Bridge to Hudson County, the seven properties are situated in an area that remains heavily industrial but is seeing an increasing residential and retail presence.


    Although not to the extent of other areas of Newark, over the last few years, this vicinity has seen several mixed-use development plans. For instance, the 84-unit Spring Street Commons project is currently under construction across Clay Street from where the 40-story development could be built while plans were revealed last year for a complex with over 250 units along Broad Street near the neighborhood’s Burger King location. The Newark Central Planning Board is scheduled to hear 96 Clay Partnership, LLC’s application on Monday, February 24, at 6:30 p.m. at City Hall.

  7. #10012

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    ^^ the 250 unit complex referred to in the article is the Russo Development project pictured below (255 and 365 Broad Street.) It will most likely be under their Vermella brand which are great apartment communities from the few I've visited. They used to have a page on their website about the project as recent as last week. It's down currently. Someone I know familiar with the project said they are breaking ground late next quarter with completion scheduled for end of next year.

    Click image for larger version. 

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  8. #10013

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    Now comes a proposal for a 40-story building just north of Broad Street Station. The key words are "could and potentially" which, when speaking about Newark, means "forget it". How many proposals for high-rise development has been proposed without a single groundbreaking.....Halo, Military Park Hotel, 50-story residential by City Hall, Shaq 2 (?), various other proposals around Broad Street Station, Vibe, etc. The only proposals that seem to have any chance rarely exceed 5 floors. When I go up and down familiar streets in Newark, my hometown, on googlemaps.com, I am appalled to see an ocean of surface parking lots and empty lots. Further, so many wonderful old neighborhoods have been completely "suburbanized". I wonder now...given Manhattan's, Brooklyn's and Jersey City's turnarounds since the 70s...if Newark is no longer "relevant" or necessary even. All the $ poured into NJPAC NJIT, Rutgers and Pru Center doesn't appear to have turned it back into a 24/7 city. I am guessing new downtown housing (Hahnes, Shaq, Theater Square) are not successful from the little I've read about here. I hope I am wrong here!! Newark was once a beautiful, peopled-thriving 24/7 city with at least 5 department stores and thousands of people downtown on a weekend. If it weren't for the airport, many people wouldn't even know it's there!

  9. #10014

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    You never hear about any Newark leasing milestones

  10. #10015

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    Quote Originally Posted by msands7 View Post
    You never hear about any Newark leasing milestones
    I don't know about the new properties, but i know for sure the older buildings and some of the lower priced "luxury" buildings stay fully leased at or above 95% (luxury market standard for this region) - Eleven80, Richardson Lofts, Teacher's Village, Hahnes, Rockplaza Lofts, 999 Broad and Union Bldg. I used to have access to those comps (though no longer.)

    Halston Flats I believe has been fully leased for some time now. The new properties are at higher price points, so I don't think they have as much success or, are slow to build up to that occupancy number. The second half of a lease up is always harder and slower to lease than the first. If I had to guess, given the amount of time it's been open vs when they claimed to have rented 100 units, One Theater Square is probably close to 80 - 90%. I would put Walker House and 50 Rector at probably half that. Obviously all speculation, but I'd be surprised if the actual numbers are far off from that. These are relatively slow lease ups. One Journal Squared leased up in 9 months and has more than double the number of apartments of any of these buildings.

    Outside of the luxury market, Newark maintains high occupancy rate. The Colonnade, Pavillion, Addison in north Newark, etc. always stay well occupied.

    I have no clue how well the properties in the Ironbound do but my guess is that they do better than downtown. I also know that 24 Jones has had trouble maintaining high occupancy. Too expensive for the neighborhood it's in IMO. Also high student population which is very transient.

  11. #10016

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    One-Story Newark Building Could be Expanded into 40-Unit Development


    Site of possible redevelopment: 502 Market Street in the Ironbound, Newark. Photo via Google Maps/Street View.


    https://jerseydigs.com/one-story-newark-building-could-be-expanded-into-40-unit-development/

  12. #10017

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    Quote Originally Posted by coralridge View Post
    When I go up and down familiar streets in Newark, my hometown, on googlemaps.com
    All the $ poured into NJPAC NJIT, Rutgers and Pru Center doesn't appear to have turned it back into a 24/7 city. I am guessing new downtown housing (Hahnes, Shaq, Theater Square) are not successful from the little I've read about here.
    If Google maps and this site is your only ensight to what is going on in Newark, then you don't know what is happening in Newark.

  13. #10018

    Default Company Pays $3.8M for Property Opposite Newark’s Murphy Varnish Lofts

    Company Pays $3.8M for Property Opposite Newark’s Murphy Varnish Lofts

    Site of proposed development: 115-123 Chestnut Street, Newark. Photo via Google Maps/Street View.https://jerseydigs.com/company-pays-...varnish-lofts/

  14. #10019

    Default Development Called ‘The Blvd’ Could Replace Former Newark Bank

    Development Called ‘The Blvd’ Could Replace Former Newark Bank


    Rendering of The Blvd at 535-541 Dr. Martin Luther King, Jr. Boulevard, Newark. Courtesy of Mid-Atlantic Investment Alliance.

    https://jerseydigs.com/the-blvd-deve...r-blvd-newark/

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