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Last Updated ( Wednesday, 23 October 2013 18:14 )
DATE_FORMAT_LC2=Tuesday,October 22 2013 12:00:00 am EDT   
Tucker Development Breaks Ground on $92 Million Project

SpringfieldAvenueNLNewark, N.J. — Tucker Development Corp. has broken ground on Springfield Avenue Marketplace, a $92 million urban, mixed-use development in Newark. Springfield Avenue Marketplace will feature 125,000 square feet of retail space and 152 residential apartments. ShopRite, which signed a lease for 67,000 square feet, will be the anchor tenant at the development.

Situated on the edge of the University Heights neighborhood, Springfield Avenue Marketplace will service the shopping needs of approximately 280,000 Newark residents, 180,000 members of the city's workforce and 60,000 college students and faculty. The development is part of Newark's Urban Enterprise Zone, where customers are entitled to a 50 percent reduction of sales tax on most purchases, along with the full exemption of state taxes on grocery and clothing purchases, according to Chicago-based Tucker Development. The Goldman Sachs Urban Investment Group will provide approximately $65 million in financing for the development of Springfield Avenue Marketplace.

 

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