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An upcoming development in the central Newark district, announced nearly a year and a half ago, is expected to receive tax relief lasting nearly two decades.
The BLVD, a mixed-use building planned for 535-541 Dr. Martin Luther King, Jr. Boulevard, is the subject of a tax relief order that was introduced by Newark City Council in September.
While new tax breaks for residential and mixed-use developments have become scarce in Jersey City, the granting of such allowances is still commonplace in Newark.
This ordinance provides for the granting of 535 MLK Blvd Urban Renewal, LLC of an 18-year abatement on the taxes on the improvements. The company is expected to pay an annual service charge to the Newark municipal government that would range from 7.5 to 15 percent of the project’s annual gross revenues.
The version of the ordinance that was introduced states that 600 square feet of commercial space, 36 parking spaces, 32 “market-priced†residential units and eight “affordable housing†units are offered as part of the complex. A total of 41 residential units were previously expected.
Plans for the BLVD involve the Mid-Atlantic Investment Alliance demolishing the old Hamilton Building and Loan Association building, located near the Arts High School. The old banking structure was sold for $ 1.55 million in December 2019.
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