Newark Municipal Council grants tax exemption to Vibe, slated to rise in redevelopment area
Newark, NJ — The Newark Municipal Council voted to approve a 30-year tax abatement for Vibe, a 270-unit resort-style apartment complex slated for development in the Living Downtown Redevelopment Area. The ordinance establishing the PILOT (payments in lieu of taxes) authorizes the execution of a financial agreement and the issuance of up to $1 million in redevelopment area bonds for the project.
Proposed in 2018 by Strategic Development Partners, the 19-story tower will offer resort-style living with views of the Manhattan skyline and the New Jersey coastline, all the way to Sandy Hook. Vibe will feature 243 market rate residential units—including a luxury penthouse floor—and 27 affordable housing units, as well as 156 parking spaces. In addition, the ground floor will include 8,150 s/f of space to accommodate two restaurants. Several entities, including Studio Hillier and The Marketing Directors, have partnered with Strategic Development Partners to advance the project.
Anthony Bastardi, chairman of the board and chief executive officer of Strategic Development Partners, hailed the tax abatement as good news for Vibe’s reigniting Newark’s renaissance. “This agreement will revive the City of Newark’s redevelopment efforts, which had slowed as a result of the pandemic,” said Bastardi, who noted that just one significant high-rise project has broken ground in Newark in the past five years. “City officials have demonstrated their commitment to supporting this development and creating a favorable economic environment to bring exciting projects such as Vibe to market.”