AN ORDINANCE GRANTING TWENTY-FIVE (25) YEAR LONG TERM TAX ABATEMENT TO SUW K URBAN RENEWAL, LLC, 20 W. 47TH STREET, SUITE 705, NEW YORK, NEW YORK 10036, FOR A PROJECT LOCATED THE EAST WARD AT 430-436 MARKET STREET, NEWARK, NEW JERSEY 07105 AND IDENTIFIED ON THE CITY’S TAX MAP AS BLOCK 176, LOT 1 (THE “PROPERTY”) TO CONSTRUCT A NEW THIRTEEN (13) STORY MIXED USE BUILDING WITH TWO-HUNDRED TWENTY-FIVE (225) RESIDENTIAL RENTAL UNITS CONSISTING OF ONE HUNDRED NINETY-SIX (196) MARKET RATE RESIDENTIAL RENTAL UNITS, TWENTY-NINE (29) AFFORDABLE HOUSING RENTAL UNITS, 1,222 SQUARE FEET OF COMMERCIAL SPACE, AND SEVENTY (70) RENTAL PARKING SPACES, A 8,590 SQUARE FOOT AMENITY ROOM AND GYM, A TERRACE THAT WRAPS AROUND THE AMENITY SPACES (COLLECTIVELY, THE “PROJECT”) (EAST WARD).

Committee

Economic and Housing Development

Introduced

May 8, 2025

On agenda

June 4, 2025

Passed

July 2, 2025

Where it was heard

Municipal Council Jul 2, 2025 Close on Public Hearing and Adopt Pass Municipal Council Jun 4, 2025 Advance and Adopt on First Reading as 6F- Pass

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