Fusco Management, New Castle, announced a transformation of the College Square Shopping Center on the east edge of Newark into a mixed-use development. [Not a valid template]
Fusco, a real estate investor and property manager in Delaware since 1965, has teamed up with CornerstoneTracy, a suburban Philadelphia area suburban apartment developer to “transform the College Square property into a walkable and bikeable active lifestyle center, with high-quality apartments designed for working professionals and empty-nesters. The project looks to establish a modern, amenity-rich destination that will provide a unique sense of place.”
Plans call for specialty retail shops, café and restaurant uses, along with luxury residences.
About 59 percent of the residential units will be studio or one-bedroom units, along with modern amenities that are in demand by today’s working professionals and empty-nesters.
The development will have 2,006 spaces, 106 parking spaces above the number required under the city code.
Assisting in the development is the Tarabicos Grosso law firm, New Castle. The firm has been an advisor on numerous developments.
The College Square shopping center has been dealing with a changing retail climate, with the departure of tenants like Walgreens, Sears Hardware, and Grotto Pizza, with a Kmart anchor store believed to be on borrowed time.
The biggest anchor remains an Acme Market, formerly a Pathmark. The center also has a large WSFS Bank branch.
Kelly Bachman, the spokesperson for the City of Newark, said earlier this week that the city has received no plans for the development.
Newark has seen an apartment boom, although most of the construction has involved multi-tenant student apartments that generate thousands of dollars a month in rent per unit.
(Parking space is corrected from the previous figure)
