NEWARK, NJ—The New Jersey Performing Arts Center and developer Dranoff Properties of Philadelphia are poised to begin construction on Newark's first ground-up upscale residential high rise since 1960. The project's financial arrangements and real estate closings were completed last week, says NJPAC CEO John Schreiber.
The $116-million project has been financed through a unique public private partnership, which includes contributions from the city of Newark; the state of New Jersey; Prudential Financial; Fifth Third Bank; the developer and NJPAC.
“One Theater Square embodies a vision of downtown Newark more than a quarter century in the making,” Schreiber says. “We are celebrating the result of the visionary work of NJPAC founders Governor Thomas Kean; philanthropist Ray Chambers; its first CEO Larry Goldman; and the State of New Jersey and the City of Newark, which have been steadfast in their support of the project through multiple administrations. This is a transformative moment in a great city's advance toward an even greater future.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
