The proposed mixed-use hotel and retail development, the first new hotel for the city's downtown in nearly four decades, will consist of a 150-room Courtyard by Marriott hotel managed by Marriott International and close to 15,000 square feet of ground floor retail space, which Tucker Development will lease and manage.

The new development will be located at the northeast corner of Broad and Lafayette Streets, adjacent to the Prudential Center, home to the National Hockey League's New Jersey Devils and host to nearly 200 sporting, concert and family events every year. What's more, retail is sorely lacking in the city. According to ESRI Business data, provided by InfoUSA, 38% of residents' purchases are made outside the city due to a lack of retail options. The firm estimates that this translates to around $575 million worth of annual retail losses.

"This hotel project will bring more to Newark than 150 new downtown hotel rooms--it will create jobs for our residents and bring foot traffic to our small business owners," said Mayor Booker during a press conference. "Companies like Marriott International are choosing Newark because the city is a great investment and because they believe in its future. Even amid difficult economic conditions for development, Newark is a city on the rise."