Newark building boom continues with $80M tower

By Eric Strauss
Newark | Feb 14, 2018 at 5:00 pm
ROI-NJ Exclusive

Downtown Newark is getting another luxury residential tower, an $80 million project that would bring 256 units to the Brick City, according to developer Strategic Development Partners.

The building, named Vibe, will be made up of 60 percent one-bedroom, 20 percent two-bedroom and 20 percent studio apartments. It is slated for the intersection of Halsey and William streets in the Living Downtown Redevelopment Area, Strategic Development Partners said in a news release.

“Vibe will offer a technology-rich environment with abundant lifestyle amenities for millennials, who prefer the energy and convenience of cities like Newark,” Anthony V. Bastardi, Strategic Development Partners’ chairman and CEO, said in a prepared statement. “The location — just minutes from diverse dining options, world-class cultural events, sports and transportation — will make Vibe an enviable address.”

The building will join residential construction projects in the city that include One Theater Square and One Rector Street, the first market-rate residential towers in the city in more than 50 years.

“Vibe represents a significant investment in Newark by a talented and experienced team of redevelopment professionals,” Mayor Ras Baraka said in a statement. “It is yet another exciting sign that this city is a highly desirable location.”

The property will include two restaurants on the ground level, the developer said, joining a number of other new Newark eateries in the area. Amenities for residents will include a rooftop pool and spa, outdoor dining area, fitness center and on-site parking for 156 vehicles, as well as a coffee bar and rooftop lounge.

“We have incorporated resort-style amenities into every detail of Vibe,” Barbara A. Hillier, principal with venture partner Studio Hillier. “Residents will enjoy light and airy living spaces, as well as a menu of highly desired social and recreational opportunities.”

The developer said the project represents the closest new residential development to the Prudential Center, and will sit within walking distance of several other downtown landmarks and minutes from Newark Penn Station.

“This technology-rich environment, coupled with other first-class amenities, distinguishes Vibe as a leading player in Newark’s hottest residential market,” Adrienne Albert, CEO of The Marketing Directors, another venture partner, said in a statement. “This is especially important to millennials, who prefer the convenience of living in the city, with access to cultural and sporting events, as well as transportation, recreational amenities and the latest technologies. Vibe has it all.”

The building’s website will be online soon at VibeNewark.com.

Eric Strauss | estrauss@roi-nj.com | acerimrat