A rendering of Vibe, a 270-unit apartment tower at the intersection of Halsey and William streets in Newark — Courtesy: Strategic Development Partners
By Joshua Burd
The developer of a 270-unit apartment tower in Newark is eyeing a groundbreaking later this year after city officials approved a 30-year tax abatement for the project.
Strategic Development Partners announced last week that the 19-story tower, located at the intersection of Halsey and William streets, is moving ahead after being proposed in early 2018. Plans for the project, known as Vibe, call for 243 market-rate and 27 affordable housing units, along with 156 parking spaces and some 8,150 square feet of ground-floor retail space for restaurants.
The firm touted the payment in lieu of taxes agreement, which calls the issuance of up to $1 million in redevelopment area bonds for the project, while citing the role of partners such as Studio Hillier and The Marketing Directors.
“This agreement will revive the city of Newark’s redevelopment efforts, which had slowed as a result of the pandemic,” said Anthony V. Bastardi, chairman and CEO of Strategic Development Partners. “City officials have demonstrated their commitment to supporting this development and creating a favorable economic environment to bring exciting projects such as Vibe to market.”
Bastardi also pointed to the enactment of the Economic Recovery Act of 2020, which created the New Jersey Aspire program as a means of providing gap financing for projects such as Vibe. The incentive will serve as a replacement for the expired Economic Redevelopment and Growth program.
In a news release, the developer said Vibe will offer a technology-rich environment with features such as building-wide WiFi and Amazon Alexa devices in all apartments and common areas. It will draw residents to a downtown neighborhood that has attracted a host of redevelopment projects in recent years, thanks to its proximity to the city’s corporate anchors, cultural and recreational offerings and transportation hubs.
Amenities will include a rooftop pool and whirlpool spa, a large outdoor dining area with grills and fire pits and a communal party room with a chef’s kitchen and bar, the news release said. Other plans call for a gym and fitness center, a conference room and a game room, among other common spaces.
New $80 million rental tower slated for downtown Newark (SLIDESHOW)