The Newark planning board approved a preliminary site plan that would “revitalize” the city’s historic Four Corners district.

The $410 million proposal would convert dormant office and warehouse space above street-level stores into more than several hundred apartments near the intersection of Broad and Market streets.

The project is being driven by RBH Group, which also was behind the Teachers Village nearby.

Ron Beit, who heads RBH and is the lead developer, told the board that the Four Corners Millennium Project “is the natural extension of Teachers Village. . . The dream of revitalization, of returning this area to its prior prominence, is upon us.”

Tonight’s approval was critical because the developers need it before they can apply to the state Economic Development Authority for Urban Transit Hub tax credits. The deadline for applications is tomorrow.

Goldman Sachs has said it is exploring the possibility of funding the Four Corners project. It helped finance Teachers Village, a development underway nearby on Halsey Street that will include three charter schools, and at least 220 apartments.

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Newark developers to present plan to make historic Four Corners residential

The Four Corners Millennium Project would be built in two stages. Architect Russell DeRosa of the DeRosa Group in Newark presented plans for two of the buildings -- one on the northwest corner of Washington and Market streets; the other is the Paramount Theater on the northern side of Market Street.

The building across the street from the old Bamberger’s and Macy’s store on Washington Street will have 60 parking spaces underground. It will include retail stores on the first level. Floors 3 through 7 will be a hotel, and floors 8 through 16 will be residential, DeRosa said.

The Paramount Theater is slated to have two floors of retail, and the remaining 10 floors will house 220 apartment units.

Beit said the developers will take extra measures to preserve and restore the facades as much as possible.

RBH expects to present plans for rehabbing buildings on the eastern side of Broad Street after the New Year.

The developers must also get approval from the Newark Landmarks and Preservation Commission, and then final approval from the planning board.

Beit said he hopes to begin work by May, 2013, and complete the first part by August, 2015.

The board also approved preliminary plans to convert 500 Broad Street from empty office spaces to retail, commercial and residential use.

The 20-story building is the former headquarters of the IDT Corporation. It is being developed by Bridgeview Development and will be marketed primarily to 56,000 college students in the area.

The architect is Peter Amara Assocs.

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