44-Story Luxury Residential Project Coming to Newark by 2013
- May 13, 2010
Newark, N.J.–Dranoff Properties has unveiled plans for the development of One Theater Square, a 44-story, mixed-use project located on a 1.2-acre site adjacent to New Jersey Performing Arts Center (NJPAC). The project will break ground next year and will be complete in about two to three years after that. In all likelihood, it will be the tallest project in Newark for some time to come.
Surrounding Theater Square with private development, including retail, has been in NJPAC’s plan since it acquired the land more than two decades ago. The progression in the planning of One Theater Square is being made possible in part due to the efforts of the City of Newark’s Economic Development team, including Brick City Development Corporation, and assistance through the Urban Transit Hub Tax Credit Program, an initiative administered by the New Jersey Economic Development Authority and designed to encourage investment and job growth around the State’s transit hubs. Under the program, the One Theater Square project was approved for an estimated $38 million over ten years following a rigorous underwriting process by the State of New Jersey. The remainder of the necessary public funding and private sector capital is currently being sought.
One of NJPAC’s enduring goals has been to build a community that will make living in downtown Newark attractive to working-class singles, couples and families.
“A lot of great things are happening in Newark and we as well as many people believe it’s a star on the rise,” says Julia Gutstadt, development manager at Dranoff Properties, tells MHN. “There are many educational and medical institutions in Newark, it provides great access to highways, its proximity to New York City and the fact that a lot of trains pass through Newark make it an attractive location. In addition, Jersey City and Hoboken have become very expensive and many people have been priced out of these waterfront areas. Newark provides an alternative to them.”
The area where the project will come up is known as safe part of the city. Millions of people have come to NJPAC for performances and there’s a police sub-station right next to it.
One Theater Square will be amenity rich and feature over 300 residential units. About 20 percent of these will be affordable housing units. The Project also features over 20,000 square feet of street-level retail space for restaurants, cafes, shops, and galleries as well as a parking garage. One Theater Square has garnered preliminary approvals from both the City’s Central Planning Board and its Landmarks and Historic Preservation Commission.
Lawrence P. Goldman, president and CEO, NJPAC. “One Theater Square represents the best of what can happen when the public, private and nonprofit sectors work in tandem. This is the fulfillment of a two-decade dream for NJPAC. We’ve found the right development partner. The public sector is squarely behind us. The economy is rebounding and momentum is on our side.”
As announced early last year, the Dranoff-NJPAC project was selected as one of the City of Newark’s top economic development priorities following a rigorous evaluation conducted by the Brick City Development Corporation.
About 50,000 people commute to downtown Newark for work and yet no new residential building have been constructed here in the last 40 years. “It’s a great opportunity for us to help in the transformation of the city,” Carl Dranoff, founder and president of Dranoff Properties, tells MHN.