Newark luxury apartment construction begins

November 15, 2016

The $116-million project is a public-private partnership financed in part by $33 million in tax credits from the New Jersey Economic Development Authority, as well as tax breaks and bond financing from the City of Newark.The project also is supported by NJPAC as part of the arts center’s mission to revive downtown.

The tower is one of a number of recent developments pointing to a revival in the state’s largest city, including the construction of buildings for corporate stalwarts Prudential Financial Inc. and Panasonic Corp., plans to expand the campuses of the New Jersey Institute of Technology and Rutgers Newark and a proposal to redevelop the long-shuttered Hahne’s department store, according to Rutgers University economist James W. Hughes. “There are a lot of good things going on,” he said.

“If [One Theater Square] rents up quickly, you may see more action,” Hughes said. But, he said, it may take a while for downtown Newark to create enough restaurants and other amenities to make it a “cool place for millennials and empty-nesters.”

NorthJersey.com, November 15

Recent Posts

NJSPL – New Jersey Employment Concerns Revisited

As 2024 began with yet another surprisingly strong jobs report for the U.S. (353,000 jobs added in January and the unemployment rate steady at 3.7%), and with a full year’s worth of 2023 state-level employment data now available, it’s worth briefly revisiting some of...

New Research: The Traffic Calming Effect of Delineated Bicycle Lanes

Abstract We analyze the effect of a bicycle lane on traffic speeds. Computer vision techniques are used to detect and classify the speed and trajectory of over 9,000 motor-vehicles at an intersection that was part of a pilot demonstration in which a bicycle lane was...

Upcoming Events

Event Series CAREERS

Career Virtual Drop-ins

Virtual

Bloustein Career Development Specialists Cheryl Egan and Andrea Garrido will be in a Zoom Room on Monday's beginning January 22, 2024 (excluding holidays and spring break) to answer questions, provide […]