Newark Metropolis Council grants Vibe a tax exemption

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Newark Municipal Council Grants Tax Exemption to Vibe

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A resort-style apartment complex to be built in the city’s hottest redevelopment area

The 30-year-old PILOT paved the way for the Vibe Tower in Halsey and Williams to restart Newark’s renaissance, which was interrupted during the height of the pandemic.

Newark, New Jersey, February 18, 2018 – Newark City Council decided today to approve a 30-year tax break for Vibe, a 270-unit resort-style apartment complex for development in the Living Downtown Redevelopment Area – The hottest district is planned. The PILOT Establishment Ordinance (Payments Instead of Taxes) allows the execution of a financial agreement and the issuance of renovation bonds worth up to $ 1 million for the project.

Proposed by Strategic Development Partners in 2018, the 19-story tower offers resort-style living with sweeping views of the Manhattan skyline and the New Jersey coastline to Sandy Hook. Vibe will offer 243 marketable units – including a luxury penthouse floor – and 27 affordable units and 156 parking spaces. In addition, the ground floor will have approximately 8,150 square meters of space for two restaurants. Several companies, including Studio Hillier and The Marketing Directors, have partnered with Strategic Development Partners to move the project forward.

Anthony V. Bastardi, Chairman and Chief Executive Officer of Strategic Development Partners, welcomed the tax break as good news for Vibe’s resurrection of the Newark renaissance. “This agreement will reinvigorate Newark city redevelopment efforts that had slowed as a result of the pandemic,” said Bastardi, who noted that only one major high-rise project in Newark has broken new ground in the past five years. “City officials have shown their commitment to support this development and create a favorable business environment to bring exciting projects like Vibe to market.”

Mr Bastardi noted that the New Jersey Aspire program, which is part of the Economic Recovery Act of 2020, the successor to the States’ Economic Recovery and Growth (ERG) program, which expired in 2019, was incorporated into law last month, a key measure That paved the way for Vibes’ planned groundbreaking later this year. Aspire encourages economic development projects like Vibe by providing additional tax incentives to help developers fill funding gaps and make projects come true.

Designed to appeal to millennials, Vibe offers a technology-rich environment packed with lifestyle amenities for those who prefer the energy and comfort of cities like Newark. Located at the intersection of Halsey and William Streets, Vibe will help create a vibrant neighborhood that has already sparked Newark’s food renaissance. It is minutes from various restaurants, world class cultural events, sports and transportation that will make Vibe a true restaurant to be enviable address.

With a Walk Score® of 99 and a Transit Score® of 94, the neighborhood is unrivaled. Just two blocks from the epicenter of downtown Newark, Vibe offers easy access to cultural attractions, professional sports teams, transportation, and a variety of gourmet restaurants in downtown and the city’s famous Ironbound.

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Amenities include a rooftop pool and hot tub. large outdoor dining area with BBQ and fire pits; common party room with kitchen and bar; fully equipped gym and fitness center; Indoor and outdoor yoga and pilates studios; Conference room with high-tech A / V systems; large game room for playing billiards, table tennis, table football and shuffleboard; covered dog run; and children’s playground. Being with neighbors before working at the coffee bar in the lobby on street level or after work with a glass of wine in the rooftop lounge makes Vibe a special place where new friendships can be made.

Vibe will offer building-wide WiFi. Alexa built into all apartments and public areas; Smartphone, app-controlled apartment entry; Temperature control and notification of receipt of the package; and a concierge complete the first-class equipment package from Vibe.

Vibe’s location is great for convenience. The proposed building is the closest new housing development to the Prudential Center – home of the New Jersey Devils – and features concerts by well-known artists. The cultural and art offerings at the New Jersey Performing Arts Center and New Jersey Symphony Hall are also within easy walking distance. Nearby recreational areas and outdoor venues include the newly renovated Military Park and Riverfront Park, and Mulberry Commons. The Red Bull Arena is a short PATH train ride across the river to Harrison.

The building is minutes from the Newark Penn Station transportation hub, with PATH trains to Manhattan, the NJ Transit train, bus routes and the Newark Light Rail, with stops across the city and connections to Newark Liberty International Airport.

Check out the new video from Vibe at VibeNewark.com.

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