NEWARK-The New Newark Foundation, a five-year-old non-profit group, had proposed to turn the vacant Hahne’s department store building and adjoining Griffith Building into a luxury apartment complex, but that deal fell apart earlier this year when NNF couldn’t put all of the pieces together and get city approval. Now, a new consortium has emerged to pick up those pieces.

The NNF itself is about to go out of business, having apparently struck a deal with New York-based Cogswell Realty for the latter to buy the more than two dozen downtown parcels the group owns. Cogswell itself is a key player in the new proposal, teaming up with local businessman Miles Berger, owner of the Hahne’s building, and King of Prussia, PA-based Kravco Co. on a new if slightly reduced version of NNF earlier proposal.

According to sources, the plan the trio will bring to the city council is a $93 million redevelopment of the buildings that will include some 330 apartments, along with street level retailing and restaurants. That’s where Kravco comes in-the company is one of the country’s major shopping center developers and figures to be able to bring some national retailers into the mix for the ground-level component.

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