Tuesday, July 19, 2016

New Development Could Come to Market Street in Newark

Newark, New Jersey: Redevelopment in Newark is continuing, and a new project could be coming to Downtown. 

According to the agenda for tonight's meeting of the Newark City Council, a mixed-use residential and commercial building is planned for 114-116 Market Street in the Central Ward, between Halsey Street and Washington Street. The Newark Department of Economic and Housing Development is recommending that the City sell the building for just $5,000 to Davidson, Abraham and Associates, LLC, an organization based out of a house in Englewood, Bergen County. The assessed amount of the building is $1,586,300. 

The document states that the property "is no longer needed for public use", and that "based upon its negotiations and other such information, the City has determined that the Redeveloper possesses the proper qualifications and requisite financial resources and capacity to acquire the Property and to redevelop it". 

Davidson, Abraham and Associates was incorporated in October of last year, according to the New Jersey Division of Revenue and Enterprise Services. It is not clear who owns the company, why they were selected, and if the organization has any experience for Newark development.

Until recently, the eight-story 114-116 Market Street building, which is located in a historic district, contained the Top 2000 and Sneaker Joint stores on the ground floor. According to the National Park Service, the building dates to 1915, and was once home to the RKO Proctor's Palace Theater. It was designed by the architect William E. Lehman. The NPS report refers to it as "one of the more elaborate of Newark's many architecturally important downtown theaters". 

It is not clear how much of the existing building could be demolished as part of the proposal. The meeting agenda states that demolition costs are projected to exceed $2,000,000. 

This article will be updated as more details of the project become available. 

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