Downtown Newark Value-Add Development Opportunity in Designated Opportunity Zone. The subject property is located at 786 Broad Street on the premier intersection in Downtown Newark (Market Street and Broad Street). Currently, the property consists of ground floor retail with 15 floors of vacant office above.
• Prime Location for Converting Vacant Office Space to Apartments. Mixed-Use Developments are strongly encouraged within this downtown district to foster the revitalization of the city.
• Excellent Location in the Heart of Broad Street. The subject property is situated on the best corner in downtown Newark, the signalized intersection of Broad Street and Market Street. The property is in the center of Newark’s vibrant downtown district with easy access to Light Rail Stations and Newark Penn Station. Numerous national retailers, high rise Apartment buildings, and Class A Office buildings surround the property.
• Numerous Major Developments Currently Underway or Recently Completed on the Broad Street Corridor. Newark’s Downtown district currently has over $2 Billion in Project Costs for recently completed projects, currently under construction projects, or future projects. These projects are comprised of approximately 2,400 Residential Units, 600,000 square feet of Retail space, and 230,000 square feet of Office space. (Source: www.downtownnewark.com.)
• Tremendous Density Demographics. There are over 50,000 people living within a 1 mile radius and 350,000 people within a 3 mile radius of the property. In addition to the local residents, there are over 50,000 commuters coming into Downtown Newark each workday (nj.gov).
• Strong Traffic Counts and Visibility. Approximately 50,000 cars per day are passing by the property. In addition to vehicular traffic, there is a steady volume of pedestrian traffic walking by this corner.
Listing provided courtesy of Alan Cafiero, Marcus & Millichap.