The largest residential project in Newark -- towering at 33 stories with 370 units -- will soon make its mark on the city's landscape.

And to match the magnitude of the building, one of Newark's own towering figures will claim one of the penthouses: NBA legend Shaquille O'Neal.

The Central Planning Board approved the project's plan on Monday, paving the way for construction to begin sometime next year, the developer said.

O'Neal, who is a partner in the project, previously said publicly he plans to take up residence at a penthouse apartment atop the development on 777 McCarter Highway that he's dubbed "The House that Shaq built."

"He's thrilled to be in Newark. He believes in it," developer Wasseem Boraie, of Boraie Development LLC, said. He said O'Neal is in the area a few times a year, though owns property elsewhere, too.

"The House that Shaq built is coming to the citizens of Newark, soon!" O'Neal said in a statement through Boraie.

Boraie said the $150 million project is 100 feet from Newark Penn Station and close to the Prudential Center.

"It's going to be the ultimate commuter destination product in Newark," he said. "It's a further feather in the cap of the administration. I think the city has shown that they are working hard; they are letting the market do what the market does."

777 McCarter Highway rendering. (Courtesy: Boraie Development LLC)

The development will have 20 percent affordable units, Boraie said. Through a program called Project IMPACT, Boraie said local residents will be trained for unionized construction jobs and hired to do work on site.

There will be 15,000 square feet of restaurant and retail space and 10,000 square feet of amenities, including a roof-deck plaza, a private residence lounge, a pool, private worker lounge and 225 parking spaces.

Construction is slated to take 20 to 22 months. Boraie said he will seek a payment-in-lieu-of-taxes agreement with the city to help finance the project; Goldman Sachs is also investing in the project.

Boraie and O'Neal are also behind 1 Rector Street, a 22-story apartment tower steps from the New Jersey Performing Arts Center. The $79 million development and its 168 apartments will open early next year.

Karen Yi may be reached at kyi@njadvancemedia.com. Follow her on Twitter at @karen_yi or on Facebook.