Brooklyn-based developer Chess Builders LLC, represented by Jennifer M. Carrillo-Perez of Connell Foley, has received approval to construct an $800 million high-rise project in Newark. Known as the Iberia project, this development will feature 1,408 apartments distributed among four skyscrapers near the Passaic River in Newark's Ironbound section. The project has the support of Mayor Ras J. Baraka and the Newark City Council, and the Newark Central Planning Board voted 9-0 in favor of it on a 2.5-acre lot situated between Market and Ferry Streets.
A notable aspect of the project is its commitment to affordable housing, with 20% of the units designated as affordable. This initiative is part of Newark's broader efforts to ensure that all residents have access to decent and affordable housing.
The site for the development was previously home to a well-known Portuguese restaurant, which inspired the project's name. The lot has remained unused for some time, making this development a significant step toward revitalizing the area.
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