"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.