Approvals for a development site at 900 Broad St. in Newark call for 490 apartments and 44 hotel rooms as part of a proposed 53-story tower. — Rendering courtesy: Matthews
By Joshua Burd
A major development site in downtown Newark is on the market for sale, offering the potential for a project with 490 apartments and 44 hotel rooms just south of the Prudential Center.
According to Matthews, which has listed the property at 900 Broad St., the parcel is currently the largest multifamily tract available in the city. Published reports say Newark’s planning board approved the proposed 53-story project last spring, while the brokerage firm highlighted the potential for a new builder to seek tax credits under the state’s Aspire program.
Matthew First Vice President and Director David Ferber and Associate Brendan Cina are spearheading the offering, noting that plans also call for upscale amenities and 178 above-ground parking spots.
“This is a rare opportunity for a developer to make a defining entrance at true high-rise scale in one of the most rapidly transforming urban cores in the Northeast,” Ferber said. “Our technology and AI help us identify qualified buyers early and connect them with an opportunity to capitalize on favorable zoning, dense surrounding development and strong government support for high-density residential expansion.”
Located just north of City Hall, 900 Broad St. is among several parcels in the city that are approved for high-profile residential development. The property is a short walk from Newark Penn Station, Newark’s largest employers and other amenities in the central business district.
