NEWARK, NJ-Commercial real estate executives and investors are a bit nervous about whether the economic development momentum created under Mayor Cory Booker will continue once he leaves office, the Wall Street Journal reports.
Booker, who is running for the US Senate, has championed a host of building projects aimed at turning around this city besieged by crime and poverty.
"I don't think anyone is underestimating the challenges," says Gualberto "Gil" Medina of CBRE.
Adam Zipkin, Newark's deputy mayor and director for economic and housing development, told the Journal he is confident that most, if not all, of the major commercial and housing projects in the pipeline are going to be built. Among the commercial projects is a $450-million tower building for Prudential Financial, a $50-million office building for Cablevision, and a $25-million headquarters for the pharmaceutical firm Biotrial. In addition there are a host of housing projects planned in Newark, including the $450-million Four Corners project that would feature a hotel and more than 800 rental apartments. See story in the Wall Street Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
