A rendering of The Halo, an approved 594-unit apartment project at 289-301 Washington St. in Newark — Courtesy: Meridian Capital Group
By Joshua Burd
Brokers with Meridian Capital Group are seeking a buyer for a development site in downtown Newark, one that is fully approved for nearly 600 high-end apartments across two towers.
The firm, through its Meridian Investment Sales division, has listed the parcel at 289-301 Washington St. for $40 million. The brokerage team noted that the site, which sits between Branford and William streets, is about two blocks from the Prudential Center and part of a quickly growing development pipeline in the city’s central business district.
The property also sits within a federally designated Opportunity Zone, potentially allowing investors to unlock significant tax benefits under the government program of the same name.
Meridian Senior Executive Managing Director David Schechtman, and managing directors Lipa Lieberman and Abie Kassin are representing the seller.
Known as The Halo, the approved 594-unit project calls for two 40-story towers connected by a five-story base, Meridian said. Each tower will contain 66 studios, 132 one-bedroom units and 99 two-bedroom units, with 20 percent of the units designated as affordable in order to qualify it for a payment in lieu of taxes agreement with the city.
Minno & Wasko Architects and Planners designed the project.
The site is being sold with the approved plans, which also outline a host of amenities including parking, bicycle storage, a fitness center, resident lounge and game room, the brokers said. Meridian added that the zoning provides no height or density restrictions, while investors have the ability to use existing plans or modify them as desired.
The project would tap into a burgeoning apartment market in downtown Newark, which benefits from its access to dining, shopping, entertainment and mass transit, including Newark Penn Station and the Washington Street light rail station. The development site is also a short walk from institutions including Rutgers University, the New Jersey Institute of Technology and Essex County College.