Newark approves 2K-unit downtown project
Sinai Equity Group purchased site at former IDT headquarters for $49M
Downtown Newark is slated for a dramatic addition following the approval of a humongous housing project on Broad Street.
The Newark Central Planning Board unanimously approved a four-building proposal for the former headquarters site of IDT, Jersey Digs reported. The project, spanning several lots at 516-532 Broad Street, will deliver more than 2,100 housing units to the area, roughly 430 of which would be affordable under the city’s inclusionary zoning law.
The proposal comes from Sinai Equity Group. Affiliates of the Brooklyn-based company bought the land for the project for $49 million last year.
A representative for the developer listed on the project application did not immediately respond to The Real Deal’s request for comment.
Fort Lee-based Architectura is designing the sprawling project, which will include expanding the IDT office building up to 20 stories. That building will include five stories of retail space, a restaurant on the top floor and 254 residential units.
The three other buildings will be new construction, rising on a triangular plot at 20 Atlantic Street, next to the existing IDT property. The line of buildings would stretch all the way to highway, creating fears of a “superblock” interrupting the rest of the area. There would also be two green roofs in the development.
An existing parking garage is also destined for demolition, to be replaced by a 1,126-space garage. Amenities at the development would include a fitness center, children’s playroom, conference room and lounge.
No groundbreaking date has been announced for the project.
Sinai Equity is also planning a project with even more units in Newark’s Ironbound neighborhood, according to ROI-NJ. Sinai Equity wants to deliver 2,500 units and several restaurants to Ferry Street.
— Holden Walter-Warner