Fidelco Realty Group joined Newark Mayor Ras J. Baraka, Essex County Executive Joseph N. DiVincenzo, Jr., state and city officials, and community leaders yesterday to celebrate the addition of 10-stories which include 650 parking spaces, two additional stories totaling approximately 7,300 square feet for Cablevision’s call center, 4,500 square feet of future retail space, and a completely renovated lobby serving both adjoining buildings at 494 Broad Street.
The renovation of 494 Broad Street is the most recent achievement of Fidelco Realty Group’s ongoing renewal of the Newark/Washington Park market into a vibrant commercial, retail and residential destination. The cost of the new building and renovations of the existing structure totaled in excess of $60 million and includes participation in the Urban Transit Hub Tax Credit program through the NJEDA; New Market Tax Credits provided by U.S. Bancorp Community Development Corporation, New Jersey Community Capital, and City Scape Capital; and financing from U.S. Bank.
“494 Broad Street is a critical location contributing to the ongoing growth and vibrancy of Newark’s downtown Washington Park business district,” said Marc E. Berson, Chairman of Fidelco Realty Group. “With the New Jersey Transit Broad Street Station, Newark Museum, Newark Public Library, Rutgers Business School, 1 Washington Park office tower, and multiple light rail stops as neighboring assets, potential tenants from near and far are looking at the North Broad Street area of Newark as an ideal location for their business.”
The façade of the existing six-story office building has undergone complete resurfacing –
replacing existing marble with sleek black granite panels and adding black awnings around the bases of the building with additional exterior lighting and signage.
“We are proud of Fidelco Realty Group’s work and the 494 Building Extension project. Fidelco has been an outstanding corporate partner in Newark’s growth and development, and this project will bring jobs and economic strength to Newark,” Mayor Baraka said. “Fidelco has long known, as so many other investors from across the globe are learning, what we already knew: Newark 3.0 is becoming a reality, and they are joining our efforts to transform Newark into a prosperous City we – and the entire world – can believe in.”
Bordered by the Newark Broad Street station, Riverfront Stadium, Rutgers Business School, Washington Park and Fidelco Realty Group’s flagship property – the 1 Washington Park office tower – the building was originally constructed by Mutual Life in the 1960s and was designed by the architectural firm Frank Grad & Sons.
“Newark’s Washington Park district is a diverse and flourishing area that is rich in history and filled with cultural, educational and business opportunities. The addition of the newly renovated and expanded 494 Broad Street will further strengthen the area, create jobs and contribute to the vitality of the City,” Essex County Executive Joseph N. DiVincenzo, Jr. said.
Century 21 Construction is the general contractor and technical services were provided by architects Rotwein & Blake, Mechanical Electrical and Plumbing engineer KEA Engineers, and structural engineer KS Engineer. The building now provides a home to Genova Burns, Cablevision, Allen Kohan, APALA NJ, Cooperman Scholars, Fidelco Newark, KS Engineers, Leadership Newark, Martini 494 Bistro, Mast Advisors, Newark Trust for Education, NJ Seeds, PVP Radius, Rutgers University, and Second Home Holdings.
