According to a sign posted on 707 Broad Street, Hanini Group and partners are proposing to add two additional floors of office space (50K square feet) to the 10-story 1926 building. The floor plates on this elegant building are about 50K each, so these new floors, if built, will cover only about half the space above.
Strange to see new office construction proposed when 19% of the office space in downtown Newark is vacant, and absorption was about -600K square feet last year.
Although the sign indicates that the proposal is scheduled to be heard at the March 13 meeting, as of now there's no documentation of this in the Planning Board's Google Drive account online.
g11235p t1_jbzxg8w wrote
I’m so confused about what all the downtown development actually is. None of these places ever seem to get built, even though the planning board seems to work overtime to approve all of it. Is it just that all this shit is going to happen eventually, or do the developers somehow make money off of getting the approvals and never doing anything?