Richardson says that BCDC "will be aggressive in making sure that the financial incentives are in place to attract the right retailers." In fact, the national retailers that are here, such as Home Depot and Applebee's, are doing well. "Brick City Bar and Grill opened recently and it's doing $5 million a year in revenue," Richardson tells GlobeSt.com. "Show that to other restaurants and it's eye opening." He adds that the there are some grants, low-interest loans and reduced land cost transactions to entice potential retailers.

Housing is also experiencing a boom in Newark, with around 1,000 units scheduled for development in the downtown core over the next 18 to 24 months. "These aren't just planned, they are working their way through the process," says Richardson.

Among these, M&M Development broke ground in October 2009 on a Harmony Square, a $10.2-million development in the city's North Ward that combines market-rate condominiums with affordable housing.The first condo phase and the rental phase are starting at the same time, with a 2010 completion date set. The condo, called Condominiums@Harmony Square, will feature two main developments, including 24 new condominium homes, while the rental building, Apartments@Harmony Square, includes the rehabilitation of a 16-unit rental building with 10 units set aside for supportive housing.

A new 150-Room Courtyard by Marriott is also set for development thanks to Tucker Development, Marriott International, the New Jersey Devils and Robert Finvarb Cos.; 15,000 square feet of retail space will anchor the development, located at the northeast corner of Broad Street and Lafayette Street, adjacent to the Prudential Center.

Also in the works is the $120-million NEWARK-Brick City Development Corp. recently brought on former General Growth Properties vice president of urban development Lyneir Richardson to serve as CEO of the organization that the Booker Administration founded in 2007.

Richardson is responsible for business attraction and real estate development, specifically retail. "Lyneir's track record in development and project financing in urban markets are just what we need now," Mayor Cory Booker said in a statement. "We have a solid pipeline of development projects and Lyneir's primary focus is to actualize that development." For his part, Lyneir adds that his primary focus is to "tell the story of Newark in a tight way and get the retailers to understand the opportunities

Richardson has nearly 20 years of experience as an attorney, entrepreneur and corporate executive. While at General Growth, he led the national initiative to bring quality shopping centers to ethnic neighborhoods in large US cities, was responsible for the development of the first Target store in the City of Baltimore and won a development RFP for an 800,000-square-foot center in Harlem. Over the course of his career, Richardson has completed over $400 million worth of real estate transactions.

"At GGP we spent a lot of time understanding the dynamics and decision points of retailers--what demographic information is important, what site really works and the economics that work," says Richardson. "We spent three to four years just putting together our business plan for cities. A lot of the factors that led to retailers' success in other markets like Harlem are clearly here. Now we just need to tell the story, assemble the land and put the financial incentives in place."

Richardson is also overseeing the city's participation at the next month's International Council of Shopping Centers in annual convention in Las Vegas. Of particular emphasis will be the city's growing Latino and Portuguese population, which is now nearing 100,000 and roughly 60,000 college and university students. No less important is the city's claim to two professional sports teams--the New Jersey Devils and the New Jersey Nets, both of which make use of the popular Prudential Center; the Nets are scheduled to move to Brooklyn, NY in 2012. "We are targeting retailers seeking to open new stores in 2010 and those with growth plans for 2011 through 2013, including big box and grocery stores--two of our priorities," Richardson tells GlobeSt.com. "The market is prime for new retail, and we have the demographics and density for success."

Richardson says that BCDC "will be aggressive in making sure that the financial incentives are in place to attract the right retailers." In fact, the national retailers that are here, such as Home Depot and Applebee's, are doing well. "Brick City Bar and Grill opened recently and it's doing $5 million a year in revenue," Richardson tells GlobeSt.com. "Show that to other restaurants and it's eye opening." He adds that the there are some grants, low-interest loans and reduced land cost transactions to entice potential retailers.

Housing is also experiencing a boom in Newark, with around 1,000 units scheduled for development in the downtown core over the next 18 to 24 months. "These aren't just planned, they are working their way through the process," says Richardson.

Among these, M&M Development broke ground in October 2009 on a Harmony Square, a $10.2-million development in the city's North Ward that combines market-rate condominiums with affordable housing. The first condo phase and the rental phase are starting at the same time, with a 2010 completion date set. The condo, called Condominiums@Harmony Square, will feature two main developments, including 24 new condominium homes, while the rental building, Apartments@Harmony Square, includes the rehabilitation of a 16-unit rental building with 10 units set aside for supportive housing.

A new 150-Room Courtyard by Marriott is also set for development, thanks to Tucker Development, Marriott International, the New Jersey Devils and Robert Finvarb Cos.; 15,000 square feet of retail space will anchor the development, located at the northeast corner of Broad Street and Lafayette Street, adjacent to the Prudential Center.

Also in the works is the $120-million Teachers Village at Four Corners, SET along a new retail corridor on Newark's Halsey Street. The project involveS demolishing eight deteriorating buildings dating from the 1870s, constructing seven buildings four to six stories tall and rehabilitating a nine-story building. Once complete, the project will feature three charter schools and 221 educator-geared homes as well as retail stores. The bottom line: more feet on the street in Downtown Newark in the coming years.