The New Jersey Performing Arts Center and Philadelphia developer Dranoff Properties Inc. have begun construction on Newark’s first new, upscale residential high rise in more than 50 years, they announced Friday.The $116 million project called One Theater Square will see a 22-story building rise on 1.2 acres across from NJPAC and Military Park, according to a news release. The building will contain 245 units, primarily one- and two-bedroom apartments, but also including studios and three-bedroom apartments.
“One Theater Square embodies a vision of downtown Newark more than a quarter-century in the making,” NJPAC CEO John Schreiber said in a prepared statement. “We are celebrating the result of the visionary work of NJPAC founders Gov. Thomas Kean; philanthropist Ray Chambers; its first CEO, Larry Goldman; and the state of New Jersey and the city of Newark, which have been steadfast in their support of the project through multiple administrations.
“This is a transformative moment in a great city’s advance toward an even greater future.”
The high rise project results from a public-private partnership that includes the city, the state, Prudential Financial and Fifth Third Bank, as well as the developer and NJPAC.
“One Theater Square is an important step forward for Newark,” Mayor Ras Baraka said in a statement. “The pace of change downtown continues to accelerate as our central business district becomes more of a residential, artistic and retail hub, in addition to its strength as a regional business center.”
Among other contributions, the state Economic Development Authority provided $33 million in tax credits for the project.
“One Theater Square will be a terrific encore to NJPAC,” EDA President and Chief Operating Officer Tim Lizura said in a statement.
The project’s financial arrangements and real estate closings were completed last week, Schreiber said.
Apartment rents are expected to range from $1,250 to $4,500, the release said. The project also includes 24 affordable housing units that will be marketed as artist residences.
Plans also include 12,000 feet of ground-floor retail space and a 285-space parking garage.
BLT Architects is the architect for the project.
“One Theater Square draws upon our extensive experience developing large-scale residential properties in arts and cultural districts that help transform neighborhoods into vibrant communities,” Carl E. Dranoff, founder and CEO of Dranoff Properties, said in a statement. “This is a bull’s-eye location in a rising city.”
The property is slated to open in the summer of 2018, Schreiber said.