Tuesday, August 9, 2016

Tax Abatement Planned for Ironbound Development

Newark, New Jersey: A new mixed-use development in Newark's Ironbound neighborhood could receive a tax abatement.

According to the agenda for a Newark Municipal Council meeting, a new building is planned for 360 New York Avenue in the East Ward, between Houston Street and Napoleon Street. BOCER Associates, based on Wilson Avenue, is planning for the building to be five-stories tall. It will contain 35 apartments and a preschool, and there will be around 50 parking spaces.

The 360 New York Avenue Redevelopment Plan was adopted by the Newark Municipal Council in November of 2015, and the new proposal calls for a 20-year tax abatement.

Several structures, including a warehouse, a house, and the building containing Schmalz's European Provisions, stood at the site until 2008. Bus service to Downtown Newark, Irvington, and Maplewood is available along Wilson Avenue, one block away from the property.

The City of Newark reports that businesses receiving tax abatements in the city must pay an annual service charge instead of property taxes. Several of the new buildings being built across the city are receiving tax abatements.

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