Newark Kicking in $2M for Construction of Long-delayed Residential Tower

The city of Newark, N.J., voted 7-0 to approve transferring $2 million f revenue collected via the city's car rental tax to developer Boraie Development to help build a 22-story residential building at the former Science High School site on Rector Street.

The project has been stuck in limbo since the original ground breaking ceremony in 2013. The city's deputy mayor has said rising construction costs prevented the project — with an original price tag of $60 million and a current price tag of $68 million — from progressing.

One Riverview, as the project is known, will be the first new residential high-rise in the city since 1962.

Rehabilitation work in the existing building should take about 60 days with construction of the project expected to take an additional 15 to 17 months.

(more on Newark's plans to jump start construction on a new residential high-rise tower...)