A meeting held last night approved the demolition of a longstanding Downtown Newark building near Symphony Hall in order to make way for a new five-story development.

1010 Broad Newark Urban Renewal, LLC, an apparent affiliate of Newark-based Paramount Assets, went before the Newark Central Planning Board during its meeting at 6:30 p.m.

The company sought Preliminary and Final Major Site Plan approval as part of its plan to tear down the structure at 1010-1014 Broad Street, which rises three stories over the corner of East Kinney Street, and construct a new project with several different uses.

The new building was designed by Hoboken-based Marchetto Higgins Stieve Architects and will consist of 111 apartments along with a 1,000-square-foot art gallery, 3,500 square feet of retail space, and “amenity space” on the ground floor for residents, according to a legal notice from the developer. 115 spots for bikes along with 69 parking spaces for vehicles are also planned, with the possibility of additional stacked parking for vehicles.

The existing structure, which has a distinctive facade and includes a ghost sign for Kinney Motors on its south side, was previously home to the Quality Engraving Co., Universal Stamp & Stationery, and Kelly’s Badges & Awards. However, over the last few years, the building has become vacant and the windows have been boarded up.

In February 2018, an LLC registered out of Paramount Assets’ former Elizabeth headquarters bought the property for $2 million from a Bergen County real estate firm.

The notice also referenced the neighboring property at 1016-1018 Broad Street, which is owned by the Newark Boys Chorus School, but it is not yet clear what impact the development would have on the school’s building.

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