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Monday, January 9, 2017

EXCLUSIVE: Mixed-Use Development Planned for Water Department Site in Newark


Newark, New Jersey: A massive new mixed-use development could be coming to several properties in Newark's Central Ward. 

City records show that Claremont Properties, Inc., of Far Hills, Somerset County, is planning a new project with office, retail, collegiate space, parking, and potential other uses on 17 lots along Central Avenue, Dey Street, and Lock Street in University Heights. All of the lots are currently owned by the City of Newark and are used for a variety of purposes. While some, such as 37 Lock Street, are vacant tracts, other properties like 23 Lock Street contain faculty and staff parking lots for the New Jersey Institute of Technology (NJIT). Around the corner, a large building, a garage, and a parking lot used by the Newark Department of Water and Sewer Utilities' divisions of water supply and sewers occupy the premises.

The Newark Department of Economic and Housing Development is proposing that the properties, which "are no longer needed for public use", be sold to Claremont for the negotiated price of $2.794 million. The Newark Municipal Council will vote on the proposal during its meeting tomorrow at City Hall at 10:00am.

This announcement comes at a time of increasing development in University Heights, with several new projects rising along nearby Sussex Avenue. The site is directly across the street from University Centre, and is just yards away from the NJIT campus. A few blocks away, developers are seeking a new retail building or fast food restaurant. Plus, Netta Architects posted renderings last year of a potential development in conjunction with the Newark Housing Authority at the corner of Central Avenue and Lock Street.

Claremont was the contractor for projects like Third and Valley in South Orange and the Baxter Park apartments in the Central Ward. In addition, 832 Broad Street, LLC, the new owner of the former Central Railroad of New Jersey's Lafayette Street Terminal building in Downtown is registered out of the same Far Hills address as Claremont.

Essex County Place has reached out to the City of Newark and Claremont Properties for comment regarding the developments, and this report will be updated should officials respond.

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