Newark is set to receive 367 housing units in its Ironbound district, an area known for its industrial character.
Last week, Newark’s zoning board unanimously approved the full-block development at 514 Mulberry Street, Jersey Digs reported. The developer of the proposed five-story project, which a source told The Real Deal is Brooklyn-based Cipco Developers of New York, is using the entity Mulberry Gardens LLC.
The developer, led for 20 years by Asher Neuman, purchased the site two years ago for $5 million, according to Traded. Bobby Antonicello Jr of Grid Real Estate brokered the sale.
The project will include ground-level retail. Amenities at the apartment complex will include rooftop access, a pool and Zoom rooms for remote workers.
The project needed variances, including for the width of the driveway to the 367-space parking garage. Residents criticized the entrance’s location on a street with historic row houses, rather than on a street with warehouses.
The architect, Minno & Wasko, defended the garage, saying the configuration would make for a better design as well as safer.
The Ironbound district started heating up a few years ago, spurred by the multiphase Riverfront Park development, which spans miles of remediated parkland along the Passaic River. A mixed-use zoning ordinance went into effect in early 2019, allowing developments up to 11 stories.
Elsewhere in Newark, Accurate Builders and Developers has proposed an 11-building complex at a former baseball stadium site in the city. The defunct Newark Bears used to play at the site. The 10.5-acre project would be constructed in nine phases and deliver 4,200 housing units and 100,000 square feet of commercial space. The developer nabbed a $395 million loan from Madison Realty Capital.
Other Newark projects include a 78-unit affordable housing development by L+M Development Partners and Alicia Glen’s MSquared, and Acier Holdings’ The Halo Newark, a three-building, 949-unit rental project at 289 to 301 Washington Street. It broke ground in July and will be Newark’s tallest at 450 feet.
— Holden Walter-Warner
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