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    Chapin, a senior director with
L+M Development Partners. They detailed their projects to a crowd of Newark real estate and business leaders gathered inside NJPAC’s ground-floor restaurant, part of
a venue that was designed and developed to be a catalyst for economic development.
To that end, Lizura pointed to the 22-story, 245-
unit apartment
building known
as One Theater
Square, which
opened across
the street in
2018, as well as
the 7.3 acres of
land around the 25-year-old facility. A portion of that property is now slated to house 350 apartments,
a food hall and a new family arts and education center, under a $150 million project unveiled last summer in partnership with L+M.
The “most significant” element of the plan will be extending Mulberry Street through what is currently a parking lot on the east side of the venue, Lizura said, connecting it
to Rector Street and potentially farther north. That would create
a public street around NJPAC’s eastern face, serving multiple purposes in the process.
“A number of things happen,” Lizura said. “One is we have the ability to parcelize our development and create a walkable and exciting community. It also means that what today is our back-of-house space needs to be now public-facing space, and that’s interesting.
“It also gives us the opportunity to think about a development strategy that’s bite-size and transactional. Because it’s one thing to put plans on paper. It’s another thing to be able to deliver on that.”
Cultural venues are not always designed with such sweeping economic development goals
in mind, but can still serve as a focal point that benefits both the institution and the blocks around
it. Harrison said the $85 million Newark Museum project will put the facility on sounder financial footing while creating “a museum of the community,” in part by opening the building’s walls and making
it more inviting to the public.
Central to that is a redesigned
and reconfigured Alice Ransom Dreyfuss Sculpture Garden that would be more accessible, while featuring a beer garden or other dining options that have broad appeal beyond the arts community.
L+M is also a partner in the project, known as Museum Parc, with additional plans calling 250 apartments and townhomes, retail and dining space, a 4,000-square- foot art and program gallery and renovations for the education wing. The housing will include loft-style
units to ensure that artists remain in the city, Harrison said, but residents throughout the buildings will be able to step outside “and literally art surrounds them.”
“And the key piece of this is
that we want people to feel comfortable that they can walk
in this cultural hub, that it is safe to walk downtown, that it is safe walk from the museum to NJPAC to Symphony Hall and all of the art experiences — or just casually
having a coffee,” she said. “We want people to experience this because this is where cultural hubs can really impact a city’s vibrancy and its economic growth.”
Panelists at the NRBP event spoke of a “cultural triangle” connecting NJPAC, the Newark Museum and Symphony Hall, whose leaders have unveiled a five-year, $50 million upgrade of the historic performance venue. The plan centers on a sweeping exterior renovation to
  The New Jersey Performing Arts Center and its development partners have detailed a $150 million expansion of the venue’s campus in downtown Newark, with plans including 350 apartments, a food hall and a new family arts and education center around the existing building.
We believe there’s no substitute for banking with real partnership — supported by real conversation and rea 􏰌􏰃􏰖􏰂􏰉􏰂􏰕􏰖 􏰌􏰃 􏰁􏰂􏰂􏰊􏰚􏰚􏰌􏰌􏰃􏰃􏰍􏰍 􏰅􏰅􏰅􏰆􏰆􏰆􏰆􏰇􏰇􏰇􏰇 􏰒􏰒􏰃􏰃􏰑􏰑􏰃􏰃􏰏􏰏􏰏􏰏􏰏􏰏􏰏􏰂 􏰅􏰆􏰇􏰇􏰉 business growth plans, improve cash 􏰛􏰆􏰜 􏰆􏰉 􏰂􏰝􏰝􏰚􏰚􏰚􏰑􏰑􏰑􏰃􏰃􏰃􏰞􏰞􏰞􏰞 􏰅􏰅􏰅􏰅􏰅􏰆􏰆􏰆􏰇􏰇􏰇􏰉􏰉􏰉􏰉 􏰒􏰒􏰒􏰒􏰝􏰝􏰝􏰝􏰂􏰂􏰂􏰂􏰂􏰂􏰂􏰞􏰞􏰞􏰞􏰞􏰞􏰞 􏰑􏰑􏰑􏰑􏰕􏰕􏰕􏰕􏰕􏰕􏰕􏰕􏰂􏰂􏰂􏰂􏰖􏰖􏰖􏰖􏰕􏰕􏰕􏰕􏰙
      􏰟􏰂􏰏􏰂􏰃􏰖 􏰚􏰉􏰆􏰠􏰂􏰏􏰖􏰕 􏰒􏰃􏰑􏰑􏰑􏰑􏰑􏰃􏰃􏰃􏰃􏰃􏰃􏰏􏰏􏰏􏰏􏰏􏰂􏰂􏰂􏰂􏰂􏰞􏰞􏰞 􏰡􏰡􏰡􏰡􏰡􏰡􏰡􏰅 our Commercial & Industrial Lending Team ...
Manufacturer owner occupied warehouse
Wholesale distributor
Private golf club
Local food franchise
Wholesale distributor
                    OPERATING LINE OF CREDIT
Marble, granite & stone distributor
           􏰀􏰁􏰂􏰃 􏰅􏰆􏰇􏰈􏰉􏰂 􏰊􏰆􏰆􏰋􏰌􏰃􏰍 􏰎􏰆􏰉 􏰏􏰆􏰐􏰐􏰂􏰉􏰏􏰌􏰑􏰊 􏰒􏰃􏰑􏰃􏰏􏰌􏰃􏰍􏰓 􏰔􏰌􏰕􏰌􏰖 􏰗􏰂􏰑􏰉􏰃􏰅 􏰘􏰑􏰃􏰋􏰙
Robert L. Melchionne
SVP/Director of C&I Lending
(P) 973.244.4027
                                     800.273.3406 |
                            Tim Lizura
Courtesy: NJPAC

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