Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: To provide development of a five-story midrise multi-family building with (64) units, (13) affordable housing units, amenities, and community building.
Entity Name: Supreme Home Developers, LLC
Entity Address: 1115 Inman Avenue, Suite 179, Edison, New Jersey 08820
Sale Amount: $182,353.41
Cost Basis: (X) $9.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $220,400.00
Appraised Amount: $0.00
Contract Period: To commence within three (3) months and be completed within twenty-four (24) months following transfer of property ownership from the City to the Redeveloper
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
(X) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
575 South 10th Street/Block 313/Lot 56/Central Ward
594 South 11th Street/Block 313/Lot 21/Central Ward
592 South 11th Street/Block 313/Lot 22/Central Ward
590 South 11th Street/Block 313/Lot 23/Central Ward
588 South 11th Street/Block 313/Lot 24/Central Ward
586 South 11th Street/Block 313/Lot 25/Central Ward
596-610 South 11th Street/Block 313/Lot 13/Central Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 20,261.49 X $9.00 = $182,353.41.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties.
No Action Taken 7R2-d 111323
Deferred 7R2-d 112123
Deferred 7R2-b 120623
Deferred 7R2-b 122023
Deferred 7R2-b 011024
body
WHEREAS, the purpose of this Resolution is to approve the sale and redevelopment of the following City-owned property located in the Central Ward of the City of Newark:
ADDRESS
BLOCK
LO...
Click here for full text