NEWARK, NJ — The City Council on Tuesday gave its final approval of a 30-year tax abatement to the developer turning a landmark hospital building into a mixed-use housing and commercial property.
The ordinance will now be forwarded to Mayor Ras J. Baraka for his signature.
Plans for the development on Martin Luther King Jr. Boulevard between James Street and Central Avenue in the city’s Central Ward include 21 market rate and four affordable housing units along with more than 47,000 square feet of nonprofit office and program space. A portion of the space is expected to house GlassRoots, a nonprofit that provides glass-making programs for disengaged youth.
In 2017, it was sold by Saint Michael's previous owners to real estate developers Jeffrey Crum, director of real estate at the Community Asset Preservation Corporation, Anthony Gibbons of Crawford Street Partners; and the Hanini Group. Saint Michael's, which was purchased by Prime Healthcare in 2016, continues to operate in more modern buildings next to the historic structure.
Renovation work has been ongoing at the building and the project is expected to be completed in about two years. The tax abatement was granted to Urban Renewal Company LLC.
The council also approved a measure on second reading that allows the redevelopment of a large swath of the West Ward. The measure deems 70 lots, the majority of which are on 11th Street and 12th Street, in need redevelopment.
City officials said they have been eyeing redevelopment of the land for five years. Preliminary plans for the site include education facilities and additional housing and commercial properties.