Newark dignitaries alongside Vision Downtown Urban Renewal, LLC Principals Gary and Gordon Gutjahr, broke ground today for the construction of a $20 million luxury residential complex on Ferry Street in the Ironbound.
Upon its completion in 2017, “The Continental” will offer 89 residential units and 10,000 square feet of commercial space. Residents at the 135,000 square foot complex will enjoy a 3,000 square foot “contemplation” garden, a 1,200 square foot outdoor recreation area, indoor parking, a Wi-Fi lounge, a special event space and an exercise room. The project occupies the sites at 323-327 Ferry Street, 23 Main Street, and 10-38 Magazine Street. Dean Marchetto Architects, P.C., of Hoboken, designed the complex.
Each unit will have its own heating and ventilation system, with separately metered gas and electric services. Appliances will be stainless steel, and will include a washer and dryer in each unit. Units will be wired for cable service, have high-end trim and finishes and utilize video control of the entrance to the building. The building will also have its own shuttle service to Newark Penn Station and to local shopping areas.
“Newark has become the fastest-growing city in the Northeast, and this development once again shows that the nation is learning what we in Newark already knew: the greatness of our beloved City as a place to live, work, and play,” Mayor Baraka said. “We are bringing jobs, new developments, and economic strength to Newark and every one of its neighborhoods.”
The project received a long-term tax abatement from the City and an estimated sales tax exemption of $650,000 from the Urban Enterprise Zone as financial incentives.
The complex is called “The Continental,” after the Continental Electric Company, the site’s former occupant. Continental Electric manufactured electric motors, generators, and alternators. At its peak, Continental supplied electrical parts to the American auto industry.
“The Continental is a very important project for the City of Newark, because it is the first high-end residential project that has been built in this neighborhood. Our project will bring housing at the same level of style and quantity that has been so successful in Hoboken, downtown Jersey City and Harrison, at prices that are significantly more affordable,” Mr. Gutjahr said.
Dean Marchetto, the project’s architect and designer, noted the Smart Growth aspects of the modern mixed-use development. “The base of the building fronting on both Ferry Street and Magazine Street is lined with retail uses to conceal the parking and promote a pedestrian friendly environment for residents and shoppers. This building signals a new urban approach to development and a welcome alternative to the typical two and three family houses which have come to dominate development in the Ironbound area of Newark”.
Deputy Mayor Adofo-Wilson noted that the developers have committed to complying with environmentally friendly standards established in the New Jersey Housing and Mortgage Finance Agency’s Green Future Program Requirements 2007, and that the property’s commercial tenants are required to conduct “first source” interviewing and hiring of Newark residents for any permanent jobs created.
