Rendering of the proposed project at 4-70 Littleton Avenue in Newark. Image courtesy Inglese Architecture + Engineering.
A unique plan for development to bring additional residential and medical uses to Newark’s Fairmount neighborhood could receive a tax break lasting more than three decades.
Newark City Council is due to vote during its session on Wednesday March 17 at 12:30 p.m. on whether to finalize an ordinance providing for a proposed financial deal for the six-story building on the corner of West Market Street and finally Littleton Avenue, according to a public notice.
A copy of the pending ordinance included in the notice states that West Market Owners, LLC, having the same address in Westchester County, New York as L + M Development Partners, is seeking 35 year long-term tax exemption for the project at 4-22 Littleton Avenue. According to reports, there would be an annual service fee of five percent of the project’s gross annual sales.
As with other pieces of legislation affecting development projects, this proposal for a regulation states in part: “The local council has determined that the relative benefits of this project outweigh the costs associated with this tax exemption and that without the tax reduction granted here, the project would not do so . “
As Jersey Digs first reported ahead of a November 2020 meeting of the Newark Central Planning Board, the building in question is expected to include 78 residential units and an 8,000 square foot medical center if built near Georgia King Village as planned.
The proposed regulation stipulates that all residential units are “affordable apartments” with income restrictions, with around 16 of the units being reserved for “residents with special needs”. The building’s health center is “originally intended to be rented or operated by Rutgers New Jersey Medical School,” the document adds.
Notice to Readers: The dates to be discussed by the Newark Municipal Council and other governing bodies are subject to change.