Thursday, July 14, 2016

New Development Planned for Newark's Broad Street

Newark, New Jersey: Even more development could be coming to Downtown Newark.

A legal notice released yesterday by the Newark Zoning Board of Adjustment shows that the owner of the 22-story Hallmark House apartment building, located at 937-953 Broad Street, at the corner of Hill Street, is planning to subdivide its 3.29 acre property into three development lots. The property, which includes a large parking lot and a small wooded area in front, stretches south to north along Broad Street from Court Street to Hill Street, and east to west from Broad Street to Washington Street. It is located diagonally across Broad Street from Newark City Hall.

According to the notice, the plan calls for both improving landscaping and fencing around the parking lot and expanding the existing Hallmark House building to add 7,750 square feet of first floor retail space at the corner of Broad and Hill Streets. A penthouse is also planned for the top of the Hallmark House.

However, the part of the plan most likely to impact Downtown should it be approved is the proposal to build a new mixed-use building on the property with 12 floors. There would be nearly 7,000 square feet of retail space on the first floor and 176 apartments on the upper 11 floors. 

A listing from Colliers International shows what the new development could look like.

Owner PF Holdings, LLC, based in Brooklyn's Midwood neighborhood, acquired the Hallmark House property in 2015 for $36 million. A report from Real Estate Weekly at the time stated that "with thousands of units planned for development, Newark is gearing up to absorb new residents", adding that "the development raises expectations of a vibrant night life and a Hobokenesque appeal – one that replaces an outdated, grittier image". The same company acquired the Colonnade Apartments on Clifton Avenue last year, according to GlobeSt. 

The Newark Zoning Board of Adjustment will hold a hearing regarding the project on Tuesday, July 26th.

Just across the street, the Jonathan Rose Companies will be engaging in an $8 million "capital improvement program" of the Court Tower Apartments.

This article will be updated as more details become available.

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