Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose: New construction of a mixed-use building consisting of two (2) ground floor commercial office suites and eight (8) residential units - two (2) units will be rented at an affordable rate between 60%-100% AMI and six (6) units will be rented at market rate. Entity Name: South Ward Capital LLC Entity Address: 953 Bergen Street, Newark, New Jersey 07112 Sale Amount: $90,742.50 Cost Basis: (X) $25.00 PSF ( ) Negotiated ( ) N/A ( ) Other: Assessed Amount: $81,400.00 Appraised Amount: n/a 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) 949-951 Bergen Street/Block 3667/Lot 5/South Ward Additional Information: Sale Price: Total Square Footage X PSF = 3,629.7 X $25.00 = $90,742.50. 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

Held by

South Ward Capital LLC

Amount

$91K

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

June 3, 2026

On agenda

September 23, 2026

Passed

September 23, 2026

Where it was heard

Municipal Council Sep 23, 2026 Adopt Pass

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