786-794 S 20th St
Newark, NJ 07103
±0.41-AC Prime Development Opportunity (Sale) · Land For Sale · 0.41 AC

Newark’s renaissance is in full swing, with the city “preparing for new residents and visitors” amid a development boom. This property sits in a Qualified Opportunity Zone at the nexus of several major economic development initiatives, allowing investors to reap substantial tax advantages for backing Newark’s growth. With the NJ Economic Development Association (NJEDA) Aspire Program providing tax credits covering up to ~60% of eligible project costs, surrounding neighborhoods are surging with new construction and investment – from university expansions to tech hubs – and the demand for housing has exploded. In fact, Newark recently led the nation in rent growth, posting a 4.3% annual increase – the highest among top 50 U.S. metro markets. This booming housing market translates to virtually guaranteed long-term rent occupancy and revenue for any new residential development here. Adding to the excitement, with New Jersey offering a 30% transferable tax credit for qualified film and digital media production expenses – including studio construction and digital post production houses, Newark is rapidly becoming New Jersey’s media production powerhouse. The site is a short drive from the new Lionsgate Newark Studios, a sprawling 12-acre film and television campus that will anchor the state’s burgeoning film industry. Governor Phil Murphy proclaimed that with Lionsgate’s Newark studio, “New Jersey will cement its position as a hub for television and film production”, bolstering the city’s economic vitality. This means proximity to major film and media catalysts – including not just Lionsgate’s $125M studio investment, but also New Jersey’s attractively incentivized film projects (Netflix is building its own $900M mega-studio in NJ) – bringing an influx of jobs, professionals, and ancillary business demand. Film studios, content creators, and media companies will find this location ideal for post-production, offices, or talent housing, tapping into generous state film tax credits while benefiting from the city’s creative momentum. Equally important, mission-driven buyers will recognize the unique value of this location. The property’s existing structure has a rich legacy as a house of worship, making it a perfect candidate for church redevelopment or community use. Pastors and nonprofits can envision transforming this landmark into a modern church campus, community center, or educational facility, preserving its spiritual heritage while serving new generations. With the backdrop of Newark’s resurgence, a faith or nonprofit organization here could leverage the same tax incentives and city support as developers do – turning an aging building into a beacon of hope and community impact. In a city starved for quality community space and affordable housing, a visionary nonprofit or congregation could create a lasting legacy on this site, all while benefiting from the momentum of Newark’s transformation and the significant funding incentives available.