A proposal to repurpose the Firemen’s Insurance Co. building in downtown Newark into an affordable apartment and retail complex recently secured an official endorsement from the city council when officials voted to approve a tax incentive for the project.
Members of the city council voted to approve an ordinance granting a 35-year tax abatement to 10 Park Place Newark LLC, a limited liability firm affiliated with Newark-based real estate firm Berger Organization, during the council’s regular meeting on Jufne 17.
The ordinance states that the 10-story building will include 196 affordable residential units and 4,500 square feet of retail space. The project will include 54 studios, 116 one-bedroom, 16 two-bedroom, and 10 three-bedroom apartments. The ordinance calls for 195 units to be allotted to residents earning an average of 50.1% of the area median income (AMI), with units set aside for residents earning 60%, 50%, and 30% AMI.
Residents will have access to amenities including a mail room, an on-site laundry facility, a community lounge, gym, bike storage, and space for social services. These will be located at 2-4, 6, and 8-12 Park Place…