(NEWARK, NJ) -- The New Jersey Performing Arts Center (NJPAC) and developer Dranoff Properties, Inc. of Philadelphia have announced start of construction of Newark’s much-anticipated, first ground-up upscale residential high rise since 1960. The complex financial arrangements and real estate closings were completed last week, according to NJPAC CEO John Schreiber.
The $116 million project has been realized 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 said. “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,” said Schreiber.
“One Theater Square is an important step forward for Newark,” said 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,” said Baraka.
“One Theater Square will be a terrific encore to NJPAC. We are pleased to have played a supporting role in its development,” said Tim Lizura, President and Chief Operating Officer of the NJ Economic Development Authority, which provided $33 million in tax credits for the project.
The 22-story project, on 1.2 acres across from NJPAC and vibrant Military Park, is to be comprised 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 draws upon our extensive experience developing large-scale residential properties in arts and cultural districts that help transform neighborhoods into vibrant communities,” said 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.”
"We are delighted to complete this important step toward the development of One Theater Square,” said John Strangfeld, chair of the NJPAC Board of Directors and chairman and CEO of Prudential Financial, Inc. “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."
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.
The ground floor includes 12,000 feet of exciting retail space designed to reflect the neighborhood and enhance it, said 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.
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,” said 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,” Schreiber said, “a quintessential 24/7 urban destination that defines city living in the 21st Century.”
ABOUT NJPAC
New Jersey Performing Arts Center (NJPAC), located in downtown Newark, New Jersey, is among the largest performing arts centers in the United States and is the artistic, cultural, educational and civic center of New Jersey - where great performances and events enhance and transform lives every day. NJPAC brings diverse communities together, providing access to all and showcasing the state's and the world's best artists while acting as a leading catalyst in the revitalization of its home city. Through its extensive Arts Education programs, NJPAC is shaping the next generation of artists and arts enthusiasts. NJPAC has attracted more than 10 million visitors (including over 1.5 million children) since opening its doors in 1997, and nurtures meaningful and lasting relationships with each of its constituents. Please visit www.njpac.org for more information.
ABOUT DRANOFF PROPERTIES
Dranoff Properties was established in 1997 to create unparalleled residential destinations that transform and revitalize the urban core. Led by nationally recognized visionary and urban advocate Carl E. Dranoff, the firm specializes in developing character-defining projects that rejuvenate neighborhoods, cities, and regions. The company has developed a portfolio of award-winning, nationally recognized projects. These projects are livable, walkable, sustainable communities that breathe new life and vitality into the community. The Dranoff portfolio of award-winning and nationally recognized properties range from the adaptive re-use of historic buildings to the ground-up development of entire mixed-use communities. Please visit www.dranoffproperties.com for more information.
