A gleaming 22-story apartment tower in Newark that opened in 2018, marking the city’s first ground-up, luxury high-rise in more than 50 years, is on the market for sale.
A new stock of luxury, market-rate apartments is beginning to take shape in downtown Newark, where stakeholders hope to attract the type of rental population that can create a 24-hour, seven-day neighborhood that has long eluded the central business district.
Developers say they’re encouraged by the early returns, but are preparing for the market to be tested by larger-scale projects and an influx of additional units. City officials are also preparing for what could be a dramatic uptick in interest from builders — which they will have to balance with public policy goals such as expanding affordable housing for Newark residents.
Newark’s dedicated blue-chip employers and anchor institutions have virtually all expanded or made commitments to grow, leading to billions of dollars’ worth of new commercial development. It’s a major reason why developers believe the time is right to, once and for all, bring new market-rate apartments to Newark’s central business district.
Stakeholders gathered Wednesday to mark the opening of a new 22-story residential tower in downtown Newark, the city’s first ground-up luxury high-rise in more than 50 years and the first tangible piece of a plan to develop the property around the New Jersey Performing Arts Center.
The developers of a long-awaited, luxury apartment tower near the New Jersey Performing Arts Center in Newark have taken the wraps off the 245-unit building.
Dranoff Properties is selling a well-known luxury apartment building in Camden as part of a six-building, $445 million portfolio sale announced Tuesday.
Stakeholders are celebrating a project that is not only a long time coming, but coming at perhaps the perfect time for Newark.
Business leaders and public officials gathered in Newark on Monday for groundbreaking ceremony for One Theater Square, a $116 million residential tower across from the New Jersey Performing Arts Center.
Stakeholders in the city are now looking ahead to a long-awaited groundbreaking for One Theater Square, a high-profile, mixed-use project that was conceived more than a decade ago. The $116 million proposal calls for a glassy, 22-story luxury apartment tower sitting atop street-level retail space, aiming to transform a 1.2-acre lot across from NJPAC.