Newark Real Estate update

Mayor Nagy gave us an update on Newark real sett development.

600 homes under development
Mervyn's is gone. But homes coming.
Motel 6 is gone.

Credits new growth to strong economy driving demand.

Blames Prop 13 for funding shortage and new homes will help increase property tax revenue.

How will schools be impacted? Current superintendent will be resigning this next year. At it's peak 10,000 students today about 6400 students. A lot of built in capacity. Plus private school options (Challenger School, Moreau, other).

Out of the 120 units sold at Timber 4 kids going to Bunker, out of which 2 were already going there.

Newark mall getting new AMC IMAX theate, new restaurants, new shops.
281 units where the old Mervyn's used to be.

Prima project 42 detached 93 condos 196 town homes
Tonight approval of 593 project - dumbarton/transfer site -being pulled currently for technicalities.

Thornton avenue has 14 condos coming up that was 10 years in the planning.

Supposedly bunker is at capacity and their is discussion to split bunker k-3 and 4-6 goes to Maloney or vice versa. Mayor is against it because it creates logistic problems for parents. NOT finalized, let the superintendent know you HATE this idea for home impact to bunker homes.

Sanctuary project will have 300 homes and a 6 acre school site.

The city has hired three additional planners to deal with the increased building activity.

Russian school site is approved for 77 homes.

Sunil Sethi
Sunil Sethi Real Estate

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