Search
 

City Seen Ripe for Downtown Residential

NEWARK, NJ-A panel sees residential development as the best way to complete the city's ongoing revitalization process.

By Brianne Harrison | Updated on June 04, 2008

NEWARK, NJ-This city has been working at reinventing its downtown as a destination, with the opening of the New Jersey Performing Arts Center and Prudential Center arena. The next logical step, according to panelists at the Newark Regional Business Partnership’s Insiders Forum here yesterday, is to bring residential development to the downtown, a move seen as having far reaching benefits for the city.

The speakers at the event, titled “Housing in Downtown Newark,” were described by Toni Griffin, director of planning and community development for Newark, as “a panel of risk takers” for believing in Newark when few others did. The overarching theme of the talk was the necessity of revitalizing the city by turning its downtown into a 24/7 center of activity. Such a move was seen as necessary to keep Newark and New Jersey economically competitive with the rest of the country and the world.

As Arthur Stern, CEO of Cogswell Realty Group said, the morning’s discussion transcended housing. Describing New Jersey’s economic model as “dead” and the state’s job growth as “beyond anemic,” Stern said that the only way to grow jobs and attract businesses to the state is to revitalize the downtowns. “We can’t lure companies to glass boxes isolated in the suburbs in a high-tax, high-cost state,” Stern said. “Globally, people are moving back to cities in huge numbers. We have to create vibrant urban downtowns. If we bring people in, businesses will follow.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.