Newark breaks ground for new downtown apartments

December 22, 2016 by  

In mid-November, Newark officials broke ground on an important project in Newark’s downtown.

Former governor Tom Kean, along with Lieutenant Governor Kim Guadagno and other officials, attended a ceremony signaling the birth of One Theater Square, the first major residential building offering market-rate units to be built downtown in over 50 years.

One Theater Square, which will be 22 stories in height, takes its name from its location—it sits across from the New Jersey Performing Arts Center, and its planned opening is in 2018. There will be 245 units in the building, about 10% of which will be affordable-housing apartments. The building is a joint project of Dranoff Properties and NJPAC, with contributions from Fifth Third Bank (based in Cincinnati), Prudential, the state, and the city.

At the groundbreaking ceremony, Kean said the project represented the fulfillment of his dream for the city of Newark. Former mayor Sharpe James, who is credited as being an early supporter of the residential building, was also present.

The new residential project is part of the revitalization of Newark’s downtown, which also includes new businesses moving in. Mayor Ras Baraka says the One Theater Square project is only the first step in many that will transform Newark into the city its residents desire.

Projects like this can benefit when officials work with brochure printers, which can create booklets that illustrate the property’s amenities.