Arrive - July/August 2013

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A happening city is turning heads

;In case you haven’t noticed, Newark is happening lately. From hotels and o;ces to apartments and shops, Newark is on the move. Everywhere you look, new, stylish buildings are popping up and old classics are getting makeovers.

And the fresh face that is emerging is catching the eye of investors from around the world and residents who want in on downtown living. It seems everybody who stops to take a look sees opportunity in Newark.

Just a few blocks from Penn Station, Courtyard by Marriott is building the first new hotel in Newark in nearly 40 years. And InterContinental is opening the Hotel Indigo in the historic National State Bank building, featuring 106 rooms, conference and commercial rooms, and a rooftop terrace and bar. Indigo promises a premium experience without the premium price.

Panasonic will be moving its North American corporate headquarters this year into 250,000 square feet in a new o;ce tower. The company believes the location’s proximity to freight and passenger rail lines will help reduce its carbon footprint and enhance its reputation as a sustainable company. Biotrial S. A., a clinical research concern from France, followed Panasonic’s lead and bought 1. 2 acres in the University Heights Science Park for its North American headquarters. And Prudential Financial has begun a new o;ce building downtown for

2,000 employees.

Newark’s classic buildings are now getting new lives as residential apartments and lofts, providing the vintage loft flavor that appeals to downtown dwellers.

Former Studebaker and Packard auto showrooms have been converted into stunning loft apartments. And an old jewelry factory is now Richardson Lofts. Another project, Rock Plaza Lofts, is being built in seven historic properties and will have 90 residential units in the heart of the entertainment district.

And with homes comes a need for food. Dinosaur Bar-B-Que, which has restaurants in Harlem, Stamford, Conn., and upstate New York, opened a branch in an 1890 building that once housed the city’s first spirits and wine bottler.

The Brick City Development Corp., the city’s primary economic development organization, is aiming to attract 5,000 more residents and workers to downtown Newark in the next five years.

Part of that e;ort is Teachers Village, a $150 million project that calls for three new schools, 200 apartments for teachers and 20 retail spaces that will house restaurants, medical o;ces and varied retailers.

That educational bent is already present in Newark
in its six universities, which comprise
50,000 students, faculty and sta; and
employ 140,000 workers. Some 8,600

students graduate from the universities each year.

Given the market
demand for housing, Lyneir
Richardson, CEO of Brick
City, encourages developers
with the o;er of help
finding sites, financing and
marketing support. “Any
developer interested in either
rehabilitation or ground-up
construction should consider
investing in residential real
estate in Newark,” he says.