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Thread: Newark Development

  1. #9676

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    Arrival Fitness and Elevation Burger coming to Halsey street.
    https://re-nj.com/new-tenants-coming...mmercial-says/

  2. #9677
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    Shaq tower looks poised to rise. It's been a long wait:







    Last edited by Hamilton; August 11th, 2017 at 02:37 PM.

  3. #9678
    Forum Veteran West Hudson's Avatar
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    Great news! Thanks for sharing!

  4. #9679

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    Why aren't any of the developments incorporating condominiums. Its all rentals! Most people with money want to buy into the their home. When people have ownership in something, their attitude is very different. Owners cumulatively under a condo association, also tend to better maintain their properties than a landlord that is just looking to maximize profit.

    Jersey City downtown has million dollar condos, while Newark is concentrating on rentals and affordable housing. What a joke.


    Quote Originally Posted by 66nexus View Post
    Stadium developer reveals design for vast mixed-use project

    5Updated on July 31, 2017 at 7:35 AMPosted on July 31, 2017 at 7:30 AM


    1 / 11

    Developer details plans for Newark Bears & Eagles Stadium site
    The developer of a huge mixed-use project on the site of Newark's Bears & Eagles Riverfront Stadium said it could be completed by late 2021, and released this artist's rendering. Lotus Equity Group CEO Ben Korman said the project will include multiple buildings with a total of 1,400 apartments, 120,000 square feet of retail space, a 400,000-square-foot office tower, a 2,000-space parking garage, an entertainment venue, and a 1.5-acrew central "piazza," open to the public. (Lotus Equity Group)
    Steve Strunsky | NJ Advance Media for NJ.com


    By Steve Strunsky
    sstrunsky@njadvancemedia.com,
    NJ Advance Media for NJ.com

    NEWARK -- The site now occupied by Bears & Eagles Riverfront Stadium will be a 24/7 community of apartments, office, retail and entertainment spaces comprised of three "blocks" designed by separate architects and surrounding a 1.5-acre courtyard, according to the developer.

    "It's going to be amazing," said Ben Korman, founder and CEO of Manhattan-based Lotus Equity Group, which will tear down the stadium and build the 2.3-million-square-foot mixed-use project.

    Lotus closed on a deal in November to purchase the former home of the defunct Newark Bears minor league baseball team from Essex County for $23.5 million.

    The Bears folded in 2014, 15 years after the stadium was built at a cost of $34 million using public financing, leaving Essex taxpayers on the hook for $2 million a year in debt payments.

    Too many seats were empty even during Bears home games, and the red brick stadium at the corner of Orange and Broad Streets has been largely vacant ever since, other than the occasional NJIT, Rutgers-Newark, or high school baseball game.

    The city declared the 8-acre stadium site as an area in need of redevelopment, and designated Lotus as the developer for the job.
    In a recent interview with NJ Advance Media, Korman said he hoped to have submitted final plans to the city and begun work by the end of 2018, with a roughly 3-year construction period that would mean residents and businesses could begin moving in sometime around the winter of 2021-22. Korman said he did not have a cost estimate for the project.

    Korman said Lotus had hired three renowned architectural firms to design distinct "blocks" of the complex: PAU, a firm headed by Vishaan Chakrabarti and recognized for its work project including the High Line, Lower Manhattan after 9/11, and the proposed new Pennsylvania Station; Michael Green Architecture, or MGA, known for its "mass timber" construction; and Ten Arquitectos, the New York and Mexico City-based team of architect Enrique Norten. A fourth firm, Minno & Wasko Architects and Plannersis the architect of record, a veteran of city and state projects with offices in Newark.


    How this one walkway could be a path to Newark's rebirth
    Hahne & Company's developers say the ground-floor atrium encourages all-important pedestrian traffic in the city center

    Korman said the project will include 1,400 apartments, which would be subject to the city's requirement that 20 percent be set aside for people of low or moderate incomes.

    There would be a 400,000-square-foot office tower marketed to technology firms, taking advantage of the city's growing reputation as a tech hub. Korman is also a partner in C&K Properties, which 11 years ago acquired 2 Gateway Center, the first building to contract with the city's Newark Fiber public-private venture to provide internet access to its tenants.

    In some ways, Korman said the stadium project is a reaction to the Gateway office complex, which was built amid a climate of anxiety in the aftermath of Newark's 1967 violence and has been criticized as insular and uninviting to anyone but the people who work there.

    By contrast, Korman said, the new project would invite the city in, with its large, open courtyard -- "the piazza," he called it -- accommodating open air markets, galleries and even film screenings, all open to the general public.

    "These are different times," Korman said.

    The complex will also include 120,000 square feet of ground-floor retail space, mainly intended for small or medium-sized shops and restaurants. And there will be an entertainment venue that Korman said would be comparable to Brooklyn Bowl, the 600-capacity concert hall and bowling ally in that borough's Williamsburg section.

    Those kinds of uses, Korman said, will encourage pedestrian traffic from inside and outside of the complex. And, he said, the complex will also generate street life along McCarter Highway on its northern edge, across from the Passaic River, an area now bereft of almost any commercial activity, pedestrian-oriented or otherwise.

    "The thought was also that, not only should it be housing for the city of Newark, but it should also also have commercial activity on the site," Korman said. "It should be an asset that should be embraced by the people that live in Newark and it should be embraced by the people who love Newark and work in it."

    He said residents and workers at the stadium project would be likely to take advantage of downtown Newark's budding restaurant district around Halsey Street, as well as downtown's new Whole Foods supermarket and cultural institutions including the Newark Museum, NJPAC and Prudential Center arena.

    Many would commute via NJ Transit's Broad Street Station accessible from the complex not by an elevated walkway, but by crossing Broad Street. For those who drive, 2,000 parking spaces would be created in decks at the base of the complex's buildings.

    Steve Strunsky may be reached at sstrunsky@njadvancemedia.com . Follow him on Twitter @SteveStrunsky . Find NJ.com on Facebook.

    ----------------------------------------

    from nj.com:

    www.nj.com/essex/index.ssf/2017/07/heres_how_bears_and_eagles_stadium_project_in_newa .html

    edit: for some reason the link only works intermittently. Perhaps nj.com is still tweaking the article.

  5. #9680

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    Quote Originally Posted by poppad View Post
    Why aren't any of the developments incorporating condominiums. Its all rentals! Most people with money want to buy into the their home. When people have ownership in something, their attitude is very different. Owners cumulatively under a condo association, also tend to better maintain their properties than a landlord that is just looking to maximize profit.

    Jersey City downtown has million dollar condos, while Newark is concentrating on rentals and affordable housing. What a joke.
    What makes you think even much improved downtown Newark is in any position to support million dollar condos just yet? If we're comparing to JC, the downtown there is awash in high end rentals. Newark's market rate rentals aren't cheap - it's a fine enough starting point.

    As for the jab against affordable units, developers need to hit the 20% figure to qualify for tax breaks. Mayor Baraka wants to make it a requirement regardless of tax breaks, perhaps foreseeing the day developers might forgo the tax breaks to have more market units.

    I am entirely behind his efforts to cement the 20% requirement (it should be no higher and maybe a bit lower). Newark officials publicly bristle at being labeled the next Brooklyn or JC - they want to go their own way where the non wealthy aren't left behind.

  6. #9681

    Default 20% is too much Brick

    Quote Originally Posted by Brick City View Post
    What makes you think even much improved downtown Newark is in any position to support million dollar condos just yet? If we're comparing to JC, the downtown there is awash in high end rentals. Newark's market rate rentals aren't cheap - it's a fine enough starting point.

    As for the jab against affordable units, developers need to hit the 20% figure to qualify for tax breaks. Mayor Baraka wants to make it a requirement regardless of tax breaks, perhaps foreseeing the day developers might forgo the tax breaks to have more market units.

    I am entirely behind his efforts to cement the 20% requirement (it should be no higher and maybe a bit lower). Newark officials publicly bristle at being labeled the next Brooklyn or JC - they want to go their own way where the non wealthy aren't left behind.
    They aren't in any position to allow 20% of their newer housing as affordable units in downtown, tax breaks or not. People shouldn't be paying $600 to live downtown next to folks paying up to $2000. Affordable housing for the working class can be placed in the outer wards. But downtown needs to be cleaned up more than it is and the last thing it needs is to cater to folks with low(er) income.

    BTW who is being left behind? Nobody lives downtown except for students, airport workers, white collar downtown employees and transplants with money who likely work in Manhattan. Unless I'm way off...

  7. #9682

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    Quote Originally Posted by Marv95 View Post
    They aren't in any position to allow 20% of their newer housing as affordable units in downtown, tax breaks or not. People shouldn't be paying $600 to live downtown next to folks paying up to $2000. Affordable housing for the working class can be placed in the outer wards. But downtown needs to be cleaned up more than it is and the last thing it needs is to cater to folks with low(er) income.

    BTW who is being left behind? Nobody lives downtown except for students, airport workers, white collar downtown employees and transplants with money who likely work in Manhattan. Unless I'm way off...
    I agree there isn't much displacement in Newark like there was in Brooklyn and Hoboken. Also understand it can be argued it's unfair that one unit is paying less than its neighbor. But I'm not really for a downtown that's nothing but a playground for the young and the rich. However, any affordable test should be race neutral and based solely on income.

    This is sort of a micro level version of what the state Supreme Court mandated in its Mount Laurel decisions - the poor shouldn't just be condemned to far flung towns and wards. I'd probably lower it to 10-15% as practically those units should be spread out. But I stand by not wanting Newark to merely replicate the gentrification happening elsewhere. Not all of its effects have been positive.

  8. #9683
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    I'm definitely in favor of more affordable housing, but what matters is the absolute number of affordable units, not the percentage. And there is plenty of evidence that setting the percentage too high leads to a smaller absolute number of affordable units. Overall housing production and affordable housing production both cratered in San Francisco when they set the mandatory percentage to 25%. And that's a market where developers can get much much higher rents than in Newark for the market-rate units to offset the affordable unit giveaways.

    http://sfbamo.com/news/over-three-mo...dable-housing/


    What Newark should do is require affordable housing in exchange for added building density and height. Basically, when a developer gets a site upzoned, the value of his land goes up. The city can then capture some of that value in the form of affordable units or other givebacks to the community. But a straight-up mandatory percentage, especially if it's anywhere higher than 10% or so, will cause more harm than good.
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  9. #9684

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    Looks like L&M and Prudential are working on another residential project downtown. Sounds like they want to go tall with this one.


    https://jerseydigs.com/newark-develo...entral-avenue/

  10. #9685
    Forum Veteran West Hudson's Avatar
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    If they're going for just 140 units, I have a feeling that this building won't be more than 15-20 stories. That's about the size of Warren@York in Jersey City...and slightly fewer units than the Shaq tower will have (169 units) and that's going to be 23 stories of course.

    Of course, that unit count might increase and then we'll be looking at a taller structure.

    Either way, this should be a great addition to the neighborhood and create much more of a presence there.
    Last edited by West Hudson; August 16th, 2017 at 08:31 PM.

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