This week highlighted continued signs of continuing commercial real estate growth with two ribbon cuttings in the northern section of Broad St, near the Broad Street Station.
494 Broad Street is the most recent achievement of Fidelco Realty Group’s ongoing renewal of the Newark/Washington Park market into a vibrant commercial, retail and residential destination. The extension is a unique structure in Newark whereby an Cablevision office headquarter (two stories) is on top of a (seven stories) structure parking structure. Additionally the shape of the building is rather unique square frontage, with angled side, and octagon rear, it’s footprint is interesting additional to the northern section of the downtown office building districts. The newly constructed parking lots utilizes the existing lobby of the existing 494 Broad St, and nearly 5,000 sq. ft of retail space at the ground level.
The cost of the new building and renovations of the existing structure totaled in excess of $60 million and includes participation in the Urban Transit Hub Tax Credit program through the NJEDA(Cablevision’s application for a $37.5 million Urban Transit Hub tax credit); New Market Tax Credits provided by U.S. Bancorp Community Development Corporation, New Jersey Community Capital, and City Scape Capital; and financing from U.S. Bank. After the authority unanimously approved Situated across the street from Rutgers Business School and Fidelco Realty Group’s 1 Washington Park office tower, and steps away from the Newark Broad Street Light Rail Station and NJ Transit’s Broad Street Station, the redeveloped 494 Broad Street will provide critical support for the area with additional parking options and retail opportunities to service the growing needs of the area.
and recovery of 494 Broad Street officially had its ribbon cutting.
Out our law firm, we call this day “Confirmation day”, that we made the right move to the right city with the right partner choice to moving to Newark.
The Fidelco Realty Group, the principal owner and developer of 494 Broad St, is a privately held company engages into acquisition and development of residential, commercial, and industrial properties. Fidelco Realty is headquartered in Millburn, New Jersey. The founder of Fidelco Realty Group Marc Berson shared assessment of the the officially commemoration. Marc Berson, “Completing this building was not a easy task. It was not a simple rectangle building adding to the complexity was that we were joining it to an existing building integrating the lobby and making it feel like one. Through this development 400 construction jobs were created in the building of the addition together”. Within the retail space, there will be a police sub station.
Situated across the street from Rutgers Business School and Fidelco Realty Group’s 1 Washington Park office tower, and steps away from the Newark Broad Street Light Rail Station and NJ Transit’s Broad Street Station, the redeveloped 494 Broad Street will provide critical support for the area with additional parking options and retail opportunities to service the growing needs of the area.
The building now provides a home to Genova Burns, Cablevision, Allen Kohan, APALA NJ, Cooperman Scholars, Fidelco Newark, KS Engineers, Leadership Newark, Martini 494 Bistro, Mast Advisors, Newark Trust for Education, NJ Seeds, PVP Radius, Rutgers University, and Second Home Holdings.