A new apartment complex built by Wilmington developers would be worth $1.8 billion in its first year of operations, and a second project could be valued at nearly $1 billion, according to the New Jersey Land Bank.
The new apartment project is the third in the city in two years, and the second would be in the form of a condo tower, developer Robert Belsky told the board of directors at the state capitol in Trenton on Monday.
The two other projects are in the works in the area of East Newark and East New Jersey.
The development of two new apartments is one of several developments in the Newark area that has attracted the attention of New Jersey’s top land bank, said board chairman Robert Bensinger.
It would bring in $100 to $150 million per year, according, but the cost would depend on how much development happens.
In Newark, development of new apartment buildings has been on the rise in recent years.
The state capos land bank has estimated that the city’s population has more than doubled in the past three decades to about 12.5 million.
But that number is expected to rise by more than 3 million in 2026 to 20.8 million, said Bensler.
The city has the second-largest population in New Jersey, behind Jersey City, but is considered a smaller city compared to New York City.
The city has been trying to build a mixed-use development that could attract young professionals, and apartments for residents of low-income and working-class families would be part of that strategy, Benser said.
He said that the development in Wilmington, and other cities, could provide a model for future development.
He added that while New Jersey is a big state, it’s not a big economy.
He also noted that there are opportunities in New York, Pennsylvania and elsewhere to build large developments.
The state capo is considering legislation to allow the development of a hotel near a major university campus.