Page 10 - RE-NJ

8 WINTER 2025
EDITOR ’S
NOTE
BUILDING
MOMENTUM
If you’re a regular reader, you may
have noticed that October and
early November brought a flurry of
news related to capital projects at
New Jersey’s cultural institutions
— from the Mayo Performing Arts
Center in Morristown to the Liberty
Science Center in Jersey City. I’ll
admit that
these aren’t
our typical
commercial
real estate
stories, yet
we know that
many of these
facilities are
near and dear
to the industry’s top executives or
part of a larger development plan.
Enter The Newark Museum of Art,
New Jersey’s oldest institution
of its kind and the beneficiary of
a new $2.5 million renovation to
some of its most vital cultural and
educational spaces. Importantly,
it’s also the latest phase of a
sweeping update and expansion of
the museum’s campus in the city’s
James Street Commons Historic
District. The larger Museum
Parc project is now taking shape
around the facility, as you’ll read
in this month’s cover story, as a
development team constructs two
new buildings with a combined 250
mixed-income apartments, ground-
floor retail and additional cultural
spaces such as a vibrant, glass-
enclosed gallery. The construction
along Central Avenue is now
about 50 percent complete, as
anticipation builds for full delivery
in early 2027.
Our Winter issue also has a key
update on the nearly $1.8 billion
data center that CoreWeave, the
fast-growing artifi cial intelligence
cloud company, is building in
Kenilworth. The project, part of the
Northeast Science & Technology
Center campus, has broken ground
while securing a fi ve-year, $250
million tax credit award from the
state. The New Jersey Economic
Development Authority approved
the incentive in mid-November,
marking the fi rst allocation under
the new Next New Jersey Program
– AI meant to lure investments in
large-scale AI data centers and
related projects. The planned
250-megawatt project, which
includes 108,100 square feet of
new construction and a retrofi t
of an existing 284,500-square-foot
building, is slated to be operational
in early 2027.
Elsewhere in this edition, we
highlight NAIOP New Jersey’s
stepped-up focus on community
service projects as part of a four-
year strategic plan unveiled early
this year. That was on display in
July as the commercial real estate
association visited the Community
Food Bank of New Jersey’s Hillside
facility, bringing back an annual
volunteer day that began in 2010
but paused with the pandemic
in 2020. The chapter is making
good on its pledge in other ways,
too, including a recent $5,000
contribution to the New Jersey
School of Conservation to fund
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field experiences for students,
particularly those whose schools
lack the resources to do so.
“Through this donation, our
chapter helped ensure that more
students can access meaningful
outdoor education and inspired
other community-minded
organizations to become partners
in this vital statewide initiative,”
NAIOP New Jersey CEO Dan
Kennedy said.
You can fi nd those stories and more
in our last issue of 2025, which
follows another busy year in New
Jersey commercial real estate. I’ve
often said that the industry has
been remarkably productive in
the face of headwinds these last
few years, providing a steady fl ow
of news despite any pessimism
or uncertainty. Thankfully, I’ve
heard more cautious optimism in
recent months than I can remember
hearing in some time, so let’s hope
that continues in 2026.
Until then, thanks for reading, enjoy
the issue and happy holidays!
Joshua Burd
Editor
[email protected]
F O R M O R E S C H E D U L E I N F O R M A T I O N A T O U R O R T O
C O N TA C T:
THOMAS F. MONAHAN
Vice Chairman
+1 201 712 5610
[email protected]
LARRY SCHIFFENHAUS
Executive Vice President
+1 201 712 5809
[email protected]
BRIAN GOLDEN
Executive Vice President
+1 201 712 5607
[email protected]