The city of Newark has agreed to contribute $2 million in order to kick start the construction of One Riverview high-rise condominiums. The project has been stalled for over two years due to financial struggles. As this construction begins, suitable coverage can help to reduce NJ Construction Liability and ensure the project is done properly.
The money, which was collected by the city’s car rental tax, was voted 7-0 to be transferred to the development team to begin the project. The construction is scheduled to start next month, and the groundbreaking ceremony will be held in a mere two weeks.
According to NewJersey.com, the distinct façade and decorative entryway of the roughly 120 year-old former malt factory and high school would be preserved, with a 26-story glass and steel tower rising behind it, and will include retail shops and provide views of the Passaic River and downtown to its high rise residents.
The project is backed by high-profile Boraie Development. In order to complete the $60 million project, $35 million was financed by Goldman Sachs and $24 million was from Urban Transit Hub tax grants. The rest was funded by developers and other anonymous bases.
Newark’s deputy mayor for housing and economic development Baye Adofo-Wilson stated “We’ve been through a lengthy negotiation on this to ensure that he would be shovel ready, and he has met conditions put before him,” referring to Boraie president Omar Boraie.
The process is scheduled to be completed within 15 to 17 months, after the initial restoration of the surviving building is completed.
At Tri-State Insurance Agency, we strive to provide solutions to protect construction companies like yours. Our underwriting expertise is uniquely crafted to suit your particular needs and risk exposures. For more information, contact us today at (888) 990-0526.