“One Theater Square is an important step forward for Newark,” says Mayor Ras Baraka. “The pace of change downtown continues to accelerate as our central business district becomes more of a residential, artistic, and retail hub in addition to its strength as a regional business center. I congratulate John Schreiber and the NJPAC Board for their leadership and vision in that transformation.”

The project includes 24 affordable housing units that will be marketed as artist residences, although they will be available to anyone who meets the financial criteria.

“We expect One Theater Square will be a terrific complement to NJPAC and the medley of exciting projects currently underway in Newark,” says Tim Lizura, president and chief operating officer of the NJ Economic Development Authority, which provided $33 million in tax credits for the project.

“One Theater Square draws upon our extensive experience developing large-scale residential properties in arts and cultural districts that help transform neighborhoods into vibrant communities,” says Carl E. Dranoff, founder and CEO of Dranoff Properties. “This is a bulls-eye location in a rising city. With NJPAC literally at its doorstep, One Theater Square will redefine what's meant by 'home entertainment.' This is to be a complete live-work-shop-and-play community, just as Dranoff Properties has helped create in other areas of the country.”

The ground floor includes 12,000 feet of exciting retail space designed to reflect the neighborhood and enhance it, says Dranoff. The building also includes a well-appointed lobby with a 24-hour concierge, a roof deck community gathering space, state-of-the-art fitness facility, multiple club rooms, as well as what Dranoff called “the best looking parking garage in the state,” 285 parking spaces for tenants and retailers that from the outside will appear to be residential housing.

“We are delighted to complete this important step toward the development of One Theater Square,” says John Strangfeld, chair of the NJPAC Board of Directors and chairman and CEO of Prudential Financial. “These additional high-quality housing options complement other residential and commercial development projects under way, which are boosting the vitality of the entire city. When completed, this project will mark another important milestone in the city's development, while bolstering the strength and presence of NJPAC and the thriving retail, entertainment and business community in Newark's downtown.”

One Theater Square's location is within walking distance to local corporate headquarters as well as Penn Station, which makes it easily accessible to Manhattan by train. Residents will also be able to walk, drive or take public transit to nearby museums, galleries, arenas and other arts and entertainment venues including NJPAC.

A ground-breaking celebration is forthcoming, Schreiber said, but Newark residents, business people and visitors can see workers onsite already.

“When One Theater Square opens in the summer of 2018,” says Schreiber, “it will be the hub of a neighborhood that has grown up around NJPAC, including the Whole Foods Market and other residential, educational and mixed-use projects like the Hahne's Building. NJPAC and One Theater Square will be at the heart of a new Newark, a quintessential 24/7 urban destination that defines city living in the 21^st Century.”

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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.”

The 22-story project, on 1.2 acres across from NJPAC and Military Park, will consist of 245 units with high quality finishes and materials, modern kitchens, mostly 1- and 2-bedroom apartments, but also studios and 2-bedroom and 3-bedroom units with dens, ranging in size from 585 to 1,700 square feet. Rents are expected to start at $1,250 for a studio, $2,000 for 1-bedroom, $3,150 for a 2-bedroom and $4,500 for a 3-bedroom.

“One Theater Square is an important step forward for Newark,” says Mayor Ras Baraka. “The pace of change downtown continues to accelerate as our central business district becomes more of a residential, artistic, and retail hub in addition to its strength as a regional business center. I congratulate John Schreiber and the NJPAC Board for their leadership and vision in that transformation.”

The project includes 24 affordable housing units that will be marketed as artist residences, although they will be available to anyone who meets the financial criteria.