An ambitious plan to transform a former industrial complex into a residential, commercial, and retail development is moving ahead in East Newark.

The borough’s Planning Board has unanimously approved the East Newark Town Center project, which will see the historic Clark Cotton and Thread Company redeveloped as a mixed-use complex with 616 residential units and more than 90,000 square feet of retail space.

A rendering shows the former red-brick industrial complex transformed into a modern eight-building development with rooftop tennis courts, parking deck with over 1,000 spaces, and a smokestack from the factory’s heyday. Construction will begin as soon as permits are issued.

“This property is a unique treasure in an ideal location,” said Efstathios Valiotis, CEO of Alma Realty, the company developing the property. “With convenient access to the PATH, NJ Transit trains and buses, commuter ferries and major roadways nearby, we expect to attract residents seeking a convenient urban environment that also provides the space and comfort of a waterfront park.”

The residential portion of the development will comprise one- and two-bedroom units with 14-foot ceilings and approximately 1,500 square feet.

The 13-acre complex, which the developer purchased for $8.6 million in 2007, will also include 4,300 square feet of commercial space and an additional 106,000 square feet to be developed at a later date.