Invest Newark

Real estate dev/land bank: the agency helped both developers and businesses access newark's vast development opportunities by assisting with a wide range of services including site selection, permitting, approvals, and financing. Additionally, the agency managed real estate projects on behalf of the city such as the newark riverfront park project.in july 2019, the state of new jersey passed an act (p.l.2019, c.159 (c.40a:12a-74 et seq.) known as the "new jersey land bank law." in the month of april 2020, the city council of the city of newark passed ordinance 18:15:1 establishment of land bank. As a result of the passage of these two pieces of legislation, the city of newark and invest newark entered into a land bank agreement, which designated invest newark as the land bank entity. Invest newark operates the newark land bank that will strategically acquire, maintain, and repurpose vacant, abandoned, and foreclosed properties, and efficiently return them to productive use in order to boost homeownership; reduce blight; increase mwbe developer or subcontractor capacity; increase property values and improve the quality of life for newark residents.