The towering 1920's garage previously owned by Rutgers-Newark is now Urby Newark, an 18-story apartment tower with 250 apartments gutted and rebuilt with art deco flourishes — plus windows and common amenities.
department store a few blocks west, which is now apartments, a public walkway, and commercial space that includes a Whole Foods supermarket.principal David Barry and Brookfield Properties, is opening its first Newark location after completing five others in New York, Connecticut, Texas and New Jersey. They include a low-rise complex across the Passaic River from Newark in Harrison and a 69-story tower that looks likeon the Jersey City waterfront, where the company plans two more just like it.
The Newark project does not include an affordable housing component in terms of on-site units or an off-site contribution. Unlike recent high-density projects that include affordable units, Urby was not subject to the city’s inclusionary zoning ordinance requiring 20% of units to be set aside for people with low or moderate incomes.
Newark and the U.S. government are helping the developers finance the project, located in a redevelopment area designated by the city and a. In December 2018, the City Council approved a tax abatement on the property lasting up to 30 years, allowing the developers to make payments in lieu of taxes based on a percentage of the project’s revenue. Because Newark Urby is in a federal “opportunity zone,” the developers can defer federal capital gains taxes on profits reinvested in the project.
“We’re lacking housing to meet the needs of the city,” Bumani said. “No community benefits, no abatements.” This is how the 18-story parking deck at 155 Washington St. in Newark looked before it was converted to a 250-unit apartment tower. The tower was substantially altered, though the two-story facade of the low-rise building at its base was rebuilt in minute detail.
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