Newark Gives Tax Abatement To $20M Luxury Residential Complex In Ironbound

Newark, NJ – Newark officials recently broke ground on a $20 million luxury residential complex on Ferry Street in the Ironbound section of the city.

The project received a long-term tax abatement from the city and an estimated sales tax exemption of $650,000 from the Urban Enterprise Zone as financial incentives, Newark city administrators stated.

Deputy Mayor Adofo-Wilson noted that the developers have committed to complying with environmentally friendly standards established in the New Jersey Housing and Mortgage Finance Agency’s Green Future Program Requirements 2007, and that the property’s commercial tenants are required to conduct “first source” interviewing and hiring of Newark residents for any permanent jobs created.

According to a city news release, upon completion in 2017, “The Continental” will offer 89 residential units and 10,000 square feet of commercial space.

Amenities at the 135,000 square foot complex will include a 3,000 square foot contemplation garden, a 1,200 square foot outdoor recreation area, indoor parking, a Wi-Fi lounge, a special event space and an exercise room.

The project occupies the sites at 323-327 Ferry Street, 23 Main Street and 10-38 Magazine Street.

Dean Marchetto Architects, P.C., of Hoboken, designed the complex, and Vision Downtown Urban Renewal, an urban development company founded by brothers Gary and Gordan Gutjahr, is listed as the developer.

The complex is called “The Continental,” after the Continental Electric Company, the site’s former occupant.

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Photo: City of Newark Press Office