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Tucker Development Plans MXD in Newark

NEWARK-The project calls for a 150-key Courtyard by Marriott, adjacent to the Prudential Center, along with 15,000 square feet of retail space.

By Alyson Grala | Updated on February 05, 2010

NEWARK-Mayor Cory A. Booker and Tucker Development Corp., in partnership with Marriott International, the New Jersey Devils and Robert Finvarb Cos., announced plans late last week for a Courtyard by Marriott at the Prudential Center, just a few blocks from Penn Station here.

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.

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