Major Residential, Retail Complex to Transform Passaic River Waterfront

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The redevelopment of the 13-acre Clark Cotton and Thread Company in East Newark will bring transit-friendly living and destination retail

Rezul -- The transformation of one of North Jersey's most iconic former industrial properties into a modern, mixed-use residential, commercial and retail complex on the Passaic River received the go-ahead and will begin construction as soon as permits are issued.

It will be among the most significant new developments along this stretch of the waterfront, which connects New Jersey's largest city to the west with the thriving communities of Hudson County, a gateway to New York City, helping to complete a revitalization that will attract thousands of new residents and create a retail destination for the area.

The East Newark Planning Board approved this project unanimously for East Newark Town Center, LLC to begin the redevelopment of the historic Clark Cotton and Thread Company, which will bring 616 new residential units, over 91,000 square feet of retail space and over 4,300 square feet of commercial space to the 13-acre complex.

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An additional 106,000 square feet will be developed for future use and a 1,350-space garage will be built with a rooftop terrace. The eight-building complex, built in 1875, was once the largest thread manufacturer in the nation. Virtually all of the buildings will be preserved, and their interiors modernized.

The residential portion will consist of one- and two-bedroom units that will have 14-foot ceilings and are approximately 1,500 square feet.

"This property is a unique treasure in an ideal location," said Efstathios Valiotis, CEO of Alma Realty. "With convenient access to the PATH, NJ Transit trains and buses, commuter ferries and major roadways nearby, we expect to attract residents seeking a convenient urban environment that also provides the space and comfort of a waterfront park. The central location will also attract people from throughout the region as a destination retail location."

The property sits in close proximity to residential communities in western Hudson County and is walking distance – across the Clay Street Bridge – to Newark's Broad Street train station, as well as New Jersey Performing Arts Center and Rutgers University Newark campus. The Harrison PATH station is a mile away. A shuttle bus will be provided for residents of the property.

Jason Fink

Source: Alma Realty
Filed Under: Real Estate

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