A plan to transform the historic Clark Cotton and Thread Company complex in Newark, NJ, has been approved by the local planning board.
Alma Realty intends to create a 13-acre residential and retail complex on the Passaic River waterfront site.
The project 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 communities of Hudson County, a gateway to New York City.
The East Newark Planning Board approved the project unanimously for East Newark Town Center, LLC to begin the redevelopment of 616 new residential units, over 91,000 s/f of retail space and over 4,300 s/f of commercial space to the complex.
An additional 106,000 s/f 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 s/f.
“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.