Plans for 930 McCarter Highway in Newark call for 265 market-rate and 68 affordable units across 451,063 square feet of residential space, plus 3,124 square feet of retail space and four stories of structured parking. — Rendering by MHS Architecture/Courtesy: Boraie Development
By Joshua Burd
Boraie Development has secured a 10-year, $90 million tax credit award to build a 25-story, 333-unit luxury apartment tower along the Passaic River in downtown Newark.
According to the Economic Development Authority, which approved the award on Thursday, the project at 930 McCarter Highway is slated to begin construction this spring. When complete, it will include 265 market-rate and 68 affordable units across 451,063 square feet of residential space, plus 3,124 square feet of retail space and four stories of structured parking.
The authority pledged the tax credits under the state’s Aspire program, which provides developers with gap financing. The applicants include both the Boraie affiliate, 930 McCarter Urban Renewal LLC, and Elizabeth Development Company of New Jersey, which will provide services such as free training programs to residents and minorities to upskill candidates for
employment positions, assisting residents to match permanent jobs on the project after construction and social services and assistance to low- and moderate-income residents via a part-time licensed social worker, as needed.
MHS Architecture is leading the design for the roughly $170 million project, which is a highly anticipated piece of Newark’s residential development pipeline. It would occupy roughly an acre, serving as a centerpiece of the city’s River Redevelopment Plan Area and rising just east of the New Jersey Performing Arts Center’s growing campus.
For Boraie, it would follow two other high-profile rental projects in Newark and a host of others in cities such as New Brunswick and Atlantic City. Most recently, the firm delivered a 33-story, 370-unit tower at 777 McCarter Highway in partnership with Newark native and basketball legend Shaquille O’Neal.
Residents at 930 McCarter will choose from a mix of studio, one-bedroom and two-bedroom homes and have access to amenities such as a fitness center with a yoga room, a workspace with private offices, a resident’s lounge and a heated pool area with cabanas and grilling stations, among others.
The property is also less than a 10-minute walk from Newark Penn Station.
