Introducing a Rare Shovel-Ready Development Opportunity in Newark's Booming Ironbound District Take advantage of this exceptional opportunity to acquire or partner on a fully approved, shovel-ready development project in the heart of Newark, NJ. Situated in the highly sought-after Ironbound neighborhood—renowned as the best area of Newark—this project is perfectly positioned to capitalize on the city's rapid growth and urban revitalization. Project Overview • 8-Story Ground-Up Development • Total Residential Units: 56 (7 two-bedroom units, 49 one-bedroom units) • Retail: 2 Ground-Floor Retail Stores • Location: Prime Ironbound District, 2 blocks from Newark Penn Station, soon to be enhanced by a new station entrance providing direct access to Mars City Park. This project is situated just a short walk from Newark Penn Station, offering direct access to New York City and the surrounding region, making it a prime location for both commuters and local residents. Moreover, with the upcoming Penn Station entrance development just one block away, future residents will enjoy even greater connectivity and accessibility. Ironbound - Newark's Best-Kept Secret The Ironbound section of Newark is a vibrant, bustling neighborhood known for its rich cultural heritage, abundant dining options, lively nightlife, and walkable streets. Residents and visitors alike are drawn to its European charm and incredible variety of restaurants, bars, and local retail stores. With a strong sense of community and a growing reputation, Ironbound is becoming the go-to neighborhood for professionals, families, and investors alike. Highlights of the Ironbound Development: • Walkability & Lifestyle: Walkable streets filled with diverse restaurants, cafes, bars, and retail. • Proximity to Prudential Center: Close to Newark's top entertainment destination, the Prudential Center, which hosts sporting events, concerts, and more. • Growing Demand: Newark is experiencing a wave of new development, driven by its proximity to NYC, emerging job opportunities, and improvements in public infrastructure. Key Investment Advantages 1. Fully Approved & Shovel-Ready: All development approvals are in place, including permits for water, sewer, Passaic Valley Sewer Commission fees, performance bonds, and building permits. No delays—this project is ready to break ground tomorrow. 2. PILOT and 25-Year Tax Abatement: The current owner has secured a highly favorable PILOT agreement and a 25-year tax abatement with the city, ensuring strong financial advantages for the future owner or developer. 3. Strategic Location: Two blocks from Newark Penn Station with direct access to NYC. Plus, the upcoming new station entrance will create even more convenience for residents and businesses alike. 4. Booming Newark: Newark's growth trajectory is impressive, with major investments in infrastructure, transportation, and urban redevelopment. The Ironbound neighborhood is at the epicenter of this transformation, attracting new residents and businesses every day. Flexibility for the Right Investor This is a once-in-a-lifetime opportunity to acquire or partner in a premier Newark development project. The current owner is open to selling the property outright or entering into a joint venture with an investor who has the right development experience. With all approvals, fees, and permits paid, and a favorable tax abatement in place, this project stands out as one of the most attractive development opportunities on the market today. Don't miss the chance to be part of Newark's future by investing in this groundbreaking Ironbound development project.