26-0615
Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: Construction of a five-story mixed-use building consisting of commercial space, residential units, and on-site parking Entity Name: Lagoon Property Development LLC Entity Address: 115 S 8th Street, Newark, New Jersey, 07107-0710 Sale Amount: $653,000.00 Cost Basis: ( ) $ PSF (X) Negotiated ( ) N/A ( ) Other: Assessed Amount: $233,100.00 Appraised Amount: $817,000.00 Contract Period: To commence within three (3) months and be completed within twenty-four (24) months following transfer of property ownership from the City to the Redeveloper Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ (X) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a List of Property: (Address/Block/Lot/Ward) 520 Clinton Avenue /Block 3019/ Lot 8/ South Ward 522-524 Clinton Avenue / Block 3019/ Lot 9 and 10/ South Ward Additional Information: Sale Price: Negotiated = $653,000.00 Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties
What this record is
- Amount
- $817K
- Runs until
- Not stated in the agenda text — the term is normally in the signed agreement, attached to the original item ↗
- Type
- amendment
- Field
- Construction
construction contracts in NJ that end within a year →
Governments publish the end date in the award. That date is when the
work goes back out to bid, and it is usually stated years ahead.
Read automatically from the title of the official record. The source document below is authoritative.
- Committee
- Economic and Housing Development
- Introduced
- April 17, 2026
- On agenda
- September 9, 2026
- Passed
- September 9, 2026
Where it was heard
Municipal CouncilWatch what Newark buys
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