"We are pleased to be advancing our partnership with the New Jersey Performing Arts Center. This project will strengthen our downtown, add hundreds of new housing units and create construction jobs in our city," Mayor Cory A. Booker says in a statement. "In partnership with NJPAC and Dranoff Properties, we pledge to move this project forward intensively this year--securing the resources we need to make it a go for construction in the coming years."
As announced last year, NJPAC entered into a Letter of Intent with Dranoff to develop Two Center St., which is envisioned to become the tallest building in Newark. The forty story-plus building is set to include a residential community of 300 units--20% of which will be set aside for artists--20,000-plus square feet of street-level, high-quality retail; possible cultural uses; and structured parking for over 550 cars.
"This is a huge vote of confidence and a milestone as Newark re-emerges as a viable and attractive destination for downtown residential living," says Lawrence P. Goldman, NJPAC's president and CEO. "The Scorecard process was thoughtful, tough and comprehensive and it made us think even more carefully about the kind of neighborhood we want to create around the Arts Center's Theater Square." He adds that a complex, mixed-use urban redevelopment project like this can only be done though a partnership of public and private entities.
Two Center St. will be the Arts Center's first major expansion since its opening in 1997, and the first newly constructed residential building in downtown Newark in over four decades. "We see this as nothing less than a transformative development for the state's largest city," Goldman says. "The Arts Center was always intended as the centerpiece of a busy, inviting downtown core. Now, with Two Center St.--and the new Seton Hall Law School residence building the Mayor also announced--it's not difficult to imagine a real urban buzz in Newark again."
Goldman and Dranoff believe the seal of approval from the city and state will be significant as work commences to secure all necessary financing and subsidies. "Newark needs people living downtown to realize fully its burgeoning revitalization," Goldman tells GlobeSt.com. "Throughout the country and the world--in places like London, Los Angeles and Pittsburgh--arts centers have led the way in transforming cities. There is every reason to believe that Newark can be the next major urban success story."
While Dranoff acknowledges the realities of the current economic climate, he tells GlobeSt.com, "we have been through economic cycles before and are confident that this, too, shall pass. When it does, we will be ready on Day One to build something that will continue to change perceptions about Newark. The Arts Center itself proved that if you insist on excellence, people will support something bold and innovative. We are hugely optimistic that Two Center St. will set a standard for urban residential communities and are enormously grateful for this important endorsement from the City and State."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
