Outweighed but never outpaced. Newark steps up strong amid market turbulence. The city is set to deliver sweeping changes to the area from robust and all-inclusive industrial developments to huge scale multiphase, mixed-use developments.
What’s New?
The Passaic waterfront is about to be altered forever. Accurate Builders and Developers’ vision cleared approval hurdles and CitiSquare Newark will alter the fabric of the area. The project will be completed in multiple phases, but when completed, the site of the old Newark Bears will contain 4,200 new units, 3,000 parking spaces, co-working spaces, a wellness center, retail locations, and a hotel.
The industrial real estate market in Newark continues to grow. Thor Equities Group has announced a key acquisition in the market. The site, set within a plenteous highway network and near the Port of Newark, will allow distributors to access ⅓ of the population within 5 hours.
A JV partnership between 3 developers, Shift Capital, Hanini Group, and CoInvestment Partners, remains bullish on the Garden State’s commercial office market. The trio continues their renovations of 3 office towers in Newark. The developers are also adding wellness amenities to attract tenants back into in-person work.
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Exciting Projects Transforming Newark
Beginning in the new year, the new Newark Community Museum renovation project is set to commence. The museum will contain permanent exhibitions that celebrate Newark’s residents’ movements for justice and life.
The new phase of the $10 million expansion of the Arts and Education District in Newark is set to break ground early this year. This next phase will be mostly rental residences with about 250 units, 80% set at market-rate and 20% set aside for affordable housing.
The Vibe, an epic project from Strategic Development Partners is set to revitalize a long-vacant, corner property in Newark South. It is a state of the art, mixed-use project with high rises containing affordable housing and market-rate units
Acier Holdings is developing the Halo, a 38 story tower set to loom over Newark’s skyline. The project will contain a jaw-dropping 949 units spanning three different towers. In terms of size and scale, it’s the largest and most ambitious project in Newark within the past decade.
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New Jersey Digest