Chiesa Shahinian & Giantomasi PC and JLL unveil Iberia Ironbound mixed-use development site in N
Newark, NJ — Chiesa Shahinian & Giantomasi PC (CSG), in conjunction with lead agent Jones Lang Lasalle (JLL) unveiled Iberia Ironbound, a 5.2-acre mixed-use, transit-oriented development site located in Newark’s vibrant Ironbound neighborhood. The site, which is the largest contiguous development parcel in the Ironbound’s storied history, is currently being offered for development and investment opportunities. Positioned between the bustling Ferry and Market Sts, Iberia Ironbound is poised to emerge as a landmark, mixed-use destination in Newark’s central business district. Only about 1,000 feet from Newark Penn Station, New Jersey’s largest transportation center, the development will harness the energy of Newark’s downtown, which includes a wide array of arts, entertainment, culture, and international businesses. “Iberia Ironbound is going to be a game-changer for Ironbound residents, downtown workers, and Newark’s economy as a whole,” said Francis Giantomasi, member at CSG, lead counsel for Iberia Ironbound. “Not only will it bridge two of Newark’s most exciting and dynamic neighborhoods, but it’s also positioned to become its own standalone destination for living, shopping and dining for the surrounding region.” Iberia Ironbound is likely to leverage the abundant demand for rental housing and retail options in the immediate vicinity. Over 52,000 residents currently reside within a one-mile radius of the site, approximately 80% of which are renters.
“This is an exceptional opportunity to create a multifaceted hub that’s uniquely positioned in the commercial, residential and transit nucleus of New Jersey’s largest city,” added Tom Walsh, Executive Vice President at JLL, the exclusive sales agency for Iberia Ironbound. “Even compared to recent successful transit-oriented developments nearby in places like Harrison and Bloomfield, Iberia Ironbound has unlimited potential, given the overwhelming demand for quality, accessible housing and shopping within walking distance of Newark’s CBD.”
Iberia Ironbound’s expansive location is also an ideal setting for alternate uses including grocery-anchored retail or high-grade office buildings, according to Walsh. The site is also fit for student housing, as Newark is home to one of the largest academic populations in the region, including Rutgers University, The New Jersey Institute of Technology, The University of Medicine and Dentistry of New Jersey, and Essex County College.
Neighboring Newark Penn Station provides access to NJ TRANSIT, PATH, Newark Subway, Light Rail, and AMTRAK lines. In total, the transportation hub serves over 30,000 commuters each day.