NEWARK, NJ—One Theater Square, a $94 million mixed-use residential tower and the first luxury multifamily development in New Jersey's largest city in six decades, has been topped off.
The new building, located across the street from the New Jersey Performing Arts Center, is part of a planned development sponsored by NJPAC to develop the properties surrounding the entertainment venue with residential and commercial properties to redefine the streetscape of downtown Newark.
One Theater Square, located on a 1.2-acre site, is 22 stories tall and will encompass 268,500 square feet upon completion. The residential tower, clad in curved glass and thin brick clad precast panels to complement the NJPAC building across the street, will offer views of the New York and Jersey City skylines from 245 studio, one, two, and three-bedroom units. Twenty-four of the units are designated as affordable housing. Amenities include a fitness center, lap pool, community rooms, and an outdoor deck.
The building will also feature 12,000 square feet of ground floor retail space and an adjacent 111,500 square-foot parking structure that can accommodate 285 cars.
As previously reported by GlobeSt.com, developer Carl Dranoff described the location as near perfect for a development of this type.
“It's a carefully calculated risk,” Dranoff said a year ago. “It's just a bullseye location, you just can't get a better location.”
“The Harman Group's extensive experience designing and building innovative urban projects enabled us to design a structure that can not only accommodate future One Theater Square residents, but also those patrons that will be visiting the space,” says Albert Meyer, senior project engineer at The Harman Group. “One Theater Square will provide much-needed housing that is crucial to the urban revitalization of downtown Newark.”
The Harman Group provided structural engineering and parking planning and design services on the project, which is being developed by a public-private partnership between NJPAC and Dranoff Properties and designed by BLT Architects.
Additional contributions were provided by the State of New Jersey, the City of Newark, Prudential Financial and Fifth Third Bank.
One Theater Square will be the first upscale high rise built in Newark in almost 60 years. The project broke ground on November 14, 2016 and in February of 2017 was honored by New Jersey's Alliance for Action as a project that will have a transformational impact on New Jersey's economy, job creation and quality of life.
One Theater Square is slated to open in Summer of 2018.
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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].
