Newark picks buyers for bargain land

Newark picks buyers for bargain land
It will be interesting to see the monitoring put into place as a result of the new legislation over these properties.

I also wonder, with commodities prices being what they are and lending still difficult to come by, whether Newark would strike most developers as a high value opportunity with the potential for large returns, or high risk and not worth pursuing until conditions ease.

The rolling sale is the first since a judge put an injunction on the practice after it became the subject of lawsuits and the federal corruption trial of former mayor Sharpe James. For years, the city had a policy of doling out property cheaply in order to attract developers and breathe life into depressed neighborhoods.

As a councilman, Booker had approved some of these discounted land deals, but as a candidate for mayor in 2006, he said they were corrupt because they benefited private interests while squandering public property and resources. He filed a lawsuit that year and a Superior Court judge put a stop to the sales.

After taking office, the Booker administration crafted a new land disposition policy that asked developers to hire local labor for projects, use environmentally friendly materials, provide housing for low-income residents and build work-force housing — discounted homes for firefighters, teachers and police in the city.

In January, the city put 104 scatter-site properties, 13 work-force housing development clusters, seven multifamily, mixed-use development clusters and 16 individual buildings up for sale.

Author: Ken Walker

Husband, Father, Newarker, PCA Elder, Business Analyst. In a glass case of emotion since 1978.

1 thought on “Newark picks buyers for bargain land”

  1. We also have to hope that the nonprofits who get these parcels can as well get financing. We MUST impose deadlines for development for any property sold at discounted rates. No land-banking. At some point, Newark has got to stop selling itself cheap. When you value yourself low, others tend to agree.

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