The Real Deal Tristate

Developer touts Opportunity Zone site for sale in downtown Newark

July 03, 2019 12:34AM

A limited liability firm known as Beira Corporation recently began marketing a 33,572-square-foot development site within a designated Opportunity Zone in downtown Newark, one block from the Prudential Center and two blocks from Newark Penn Station. According to JerseyDigs, the tracts at 36-42 Columbia Street, as well as 94, 102, and 104 Green Street, could be redeveloped into a high-rise mixed use residential building being designed by Cedar Grove-based Inglese Architecture + Engineering. Marketing materials from White Plains, New York-based E Realty Advisors, which represents Beira, state that the tract at 36-42 Columbia Street is occupied by a single-story warehouse that sits within Newark’s Downtown Core Redevelopment Plan. It is permitted for a mixed-use building of up to 24 stories and 402 residential units, as well as a six-story base that includes commercial space and parking. Property records indicate the site on Columbia Street was assessed at $1.5 million and last traded for $65,000 in 1983. The development site is located one block from Newark’s Mulberry Commons park project, which will turn several tracts of land into a park fronting Edison Properties’ Ironside Newarkwarehouse conversion project. Beira’s site, which is seeking $16 million, is also located one block from RPM Management’s Richarson Lofts, which opened in 2012. [Brevitas]