RockPlaza Lofts Complete – Firm Acted as Chief Development and Tax Abatement Counsel
June 5, 2014
Members of the firm’s Complex Commercial Real Estate & Redevelopment Practice Group saw the culmination of their efforts with the completion of the RockPlaza Lofts project this week in downtown Newark. The Star Ledger reports that the second phase of the $38 million project, which includes 48 loft-style apartments plus retail, is now complete.
The buildings, located at 216-218 Market St., include mostly studio, one- and two-bedroom apartments on the upper levels with access to an onsite gym and rooftop terrace. The units will be priced from about $1,500 to $2,500, according to Fidelco Group chairman and firm client Marc Berson. The ground and basement levels will be occupied by Chipotle Mexican Grill, Krauszer’s Food Stores, a convenience grocery store, Mercato Tomato Pie, an independent pizzeria and Novelty Burger & Bar.
The project is one of several recent developments being built near the Prudential Center, including the soon-to-be open Hotel Indigo and the Marriott Hotel, also firm clients.