Newark Zoning Board Conditionally Approves 41-Story Tower

The Newark Zoning Board of Adjustment conditionally approved KS Group’s 41-story proposal in the heart of the city’s downtown, TAPinto Newark reported. The conditions for final approval include limiting truck size at the site and quarterly meetings with officials regarding traffic.

If KS can overcome those hurdles, the developer will be putting up a tower that could rise to 515 feet at 200 Market Street. The proposal is a reduction from a previous proposal that called for a 46-story, 579-unit project. KS agreed to reduce the height to even it out with the National Newark Building on Broad Street.

The developer plans to benefit from the city’s tax abatement program, which requires 20 percent of units to be set aside for affordable housing. It’s not immediately clear if KS is planning rentals or condos.

The lobby and some of the tower’s commercial space will have frontage on Edison Place. The building will include amenities such as a gym, lounge spaces, a foosball area, a golf simulator, a children’s room and built-in laundry in every unit.

INOA Architecture is designing the property. Demolition is expected to begin in a couple of months.

There were two board votes against the so-called “Summit Tower.” Dissenters expressed concerns about the 142-space above-ground parking garage and increased traffic.

But those worries were not enough to convince Newark’s ZBA from slowing down the city’s development momentum.

This will not be KS’ first contribution to Newark’s burgeoning development scene. Less than a mile down the road, a partnership between KS Group and Giga Holdings bought a parking lot in downtown Newark for $14.5 million, part of a plan to develop a pair of 45-story residential towers and 1,300 luxury units at 315 Mulberry Street.

— Holden Walter-Warner