Mixed-Use
Oliver Street Development
16 Oliver St, Newark, NJ 07102
Listing Price: $16,450,000
Investment Overview
Marcus & Millichap has been exclusively retained to present a tremendous development opportunity in Newark, New Jersey's Lincoln Park redevelopment zone. Located on a .89 Acre parcel just blocks from downtown and Newark Penn Station, this proposed development is 20 stories, comprised of 17 floors of residential housing along with ground floor retail. Five floors (two sub-level) of parking provide 285 spaces.
This property is also located in a qualified Opportunity Zone, providing an investor/developer with the added benefit of taking advantage of tax incentives. Currently, the lot is occupied by two buildings (5 commercial tenants) and a parking lot, each generating income for a new buyer while they pursue approvals.
The Lincoln Park redevelopment zone plan has approved this lot for taller office and mixed-use buildings with a minimum of three stories. There is no maximum to the number of stories permitted. The development zone primarily limits building heights to 6 stories or less. This property sits in the Mulberry mixed use district, which is the only district that has no limitations on permitted height.
Newark, New Jersey's resurgence is not limited to the numerous commercial and residential developments in the downtown area. In fact, multi-million dollar investments are being made to improve the public transportation systems (Newark Penn Station/Newark Liberty Airport), public spaces (Mulberry commons/Riverwalk), and revitalize cultural structures (Symphony Hall
Investment Highlights
- 20 Story mixed use building in downtown Newark, NJ
- 475 Units: 473 Residential/ 2 commercial
- Studio, One, Two and Three bedroom Units
- Just blocks from Newark Penn Station, Prudential Center
- Located in the Lincoln Park Redevelopment zone
- Zoning for this area has no maximum height limit
- Opportunity Zone location allows investors/developers to take advantage of available tax incentives
Exclusively Listed By
Listing Price: $16,450,000
Investment Highlights
- 20 Story mixed use building in downtown Newark, NJ
- 475 Units: 473 Residential/ 2 commercial
- Studio, One, Two and Three bedroom Units
- Just blocks from Newark Penn Station, Prudential Center
- Located in the Lincoln Park Redevelopment zone
- Zoning for this area has no maximum height limit
- Opportunity Zone location allows investors/developers to take advantage of available tax incentives
Investment Overview
Marcus & Millichap has been exclusively retained to present a tremendous development opportunity in Newark, New Jersey's Lincoln Park redevelopment zone. Located on a .89 Acre parcel just blocks from downtown and Newark Penn Station, this proposed development is 20 stories, comprised of 17 floors of residential housing along with ground floor retail. Five floors (two sub-level) of parking provide 285 spaces. This property is also located in a qualified Opportunity Zone, providing an investor/developer with the added benefit of taking advantage of tax incentives. Currently, the lot is occupied by two buildings (5 commercial tenants) and a parking lot, each generating income for a new buyer while they pursue approvals. The Lincoln Park redevelopment zone plan has approved this lot for taller office and mixed-use buildings with a minimum of three stories. There is no maximum to the number of stories permitted. The development zone primarily limits building heights to 6 stories or less. This property sits in the Mulberry mixed use district, which is the only district that has no limitations on permitted height. Newark, New Jersey's resurgence is not limited to the numerous commercial and residential developments in the downtown area. In fact, multi-million dollar investments are being made to improve the public transportation systems (Newark Penn Station/Newark Liberty Airport), public spaces (Mulberry commons/Riverwalk), and revitalize cultural structures (Symphony Hall
Exclusively Listed By

