A 10-story, fully affordable apartment building is poised to rise in downtownNewark, bringing 196 units—195 of them income-restricted—to a stretch of Park Place, with a 35-year tax abatement.
The Newark Municipal Council is set to vote on an ordinance granting a 35-year abatement to 10 Park Place Newark LLC, c/o the Berger Organization, for the adaptive reuse of 10 Park Place into a 10-story, 196-unit fully affordable rental project located on the Park Place properties commonly known as 2–4, 6, and 8–12 Park Place.
Nearly every unit—195 out of 196—would be income-restricted, targeting renters who earn between 30% and 60% of the area median income…