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New Newark Foundation to Developers: Come Home

NEWARK-Organization asks developers to create a downtown 'village' of apartments, retailing and eateries.

By Eric Peterson | Updated on September 11, 2000

NEWARK-It’s taken months of politicking and setbacks, but an organization called the New Newark Foundation, bankrolled by such heavy hitters as Newark-based Prudential Insurance and philanthropist Raymond Chambers, is ready to roll with a plan to bring new residents to New Jersey’s largest city.

Newark has been losing population steadily for four decades, although some progress has been made in recent years for replacing decrepit high-rise projects with more family-friendly townhouses. The New Newark plan is ambitious–all that’s missing are the developers.

At issue is the $17.5 million worth of real estate, a total of three square blocks across from Military Park, that New Newark has under its control. The focal point of the sweeping proposal is the massive, one million-sf Hahne & Co. department store building, along with Griffith Plaza, that New Newark wants turned into luxury residences and ground-floor retailing. The buildings have been vacant for almost 20 years.

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