Newark, New Jersey: The redevelopment of Newark properties is continuing in the Central Ward.
According to a legal notice, the City of Newark approved an ordinance last month for a new building to be constructed in University Heights on Dr. Martin Luther King, Jr. Boulevard at the northeast corner of James Street. The building will be five stories tall, and will be attached to an existing neighboring building at 240 Dr. Martin Luther King, Jr. Boulevard, which will be renovated and expanded to include a penthouse.
When completed, the development will contain 77 apartments and commercial space. 240 MLK Urban Renewal Company, which is part of the Newark-based Hanini Group, is managing the project.
The lot where the new building will be constructed was previously used for parking, and the existing building was previously owned by the New Jersey Institute of Technology. 240 MLK is receiving a 30 year tax abatement from the City of Newark.
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