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Tucker Plans $150M Downtown MXD

NEWARK, NJ-The company, which entered the market with a big $1.5 billion war chest recently, is under contract to buy 3.5 acres here.

By Eric Peterson | Updated on April 03, 2008

NEWARK, NJ-The Chicago-based Tucker Development Corp. entered the New Jersey market with a $1.5-billion war chest recently, and the company has now made its first move. Tucker is under contract to buy 3.5-acres of privately owned land adjacent to the Broad Street rail station and an off-ramp of I-280.

And Tucker, which has made a name for itself with MXDs and retail properties, has mixed uses in mind for the site at 422 Broad St. once the sale clears. Part of that plan includes a new class A office building with large floorplates, the first to be built here in more than 15 years. Also part of the plan for the 400,000-sf, 28-story mixed-use are a 200-room hotel and 50,000 sf of retail, including a health spa, on the first two floors. The estimated price tag for all of this is $150 million.

The project will also be eligible for benefits under the state’s new Urban Transit Hub Tax Credit Program, enacted in January. For a minimum of 250 employees, eligible companies can realize upwards of $75 million in tax incentives over a 10-year period.

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