One Theater Square Explained

One Theater Square
Coordinates:40.7394°N -74.1679°W
Start Date:November 2016
Completion Date:Late 2018
Opening:Late 2018
Building Type:mixed use (luxury residential high rise apartments and ground level retail space)
Roof:283.23feet
Floor Count:22
Elevator Count:6
Cost:$116m
Architect:BLT Architects
Structural Engineer:Harmon Engineering[1]
Developer:Dranoff Properties, NJPAC

One Theater Square is a mixed-use (residential and commercial) building in Newark, New Jersey. It is located across from Military Park and the New Jersey Performing Arts Center, which inspired its name. Completed in 2018, it includes the first newly-constructed high rise apartment building to be built in the city in more than fifty years. It was designed by BLT Architects.[2] [3] [4] [5]

Concept and development

NJPAC was originally conceived to have additional real estate component, including two buildings at the site of One Theater Square.[6] The project was proposed in 2005 by former NJPAC president and CEO Lawrence P. Goldman. NJPAC and Dranoff Properties of Philadelphia signed a Letter of Intent for the development of a mixed-use luxury residential and retail project in 2008.[7] [8] At the time, it was initially planned as a 28-story building with 30,000 square feet of retail space, 640 parking spaces and 250 rental apartments. By 2010, the idea grew into a $190 million project with a 44-story tower, 328 residential rental units, a pool and a spa. However, due to an economic downturn and consequential financial difficulties, the plan was changed again. That proposal would have built the tallest building in the city.[9] [10] Eventually, the plan for the site of 1.2acres called for 22 stories with 245 residential units, 24 of which will be affordable housing units marketed as artist residences;[11] 12,000 square feet of street-level retail and cultural uses and structured parking for 285 cars to serve the shared needs of the residential community as well as those of NJPAC's audiences and daytime commercial demand.[12] [13] The estimated $116 million cost was offset by $38 million New Jersey Economic Development Authority Urban Transit tax credits and federal tax credits for inclusion of affordable housing for artists.[14] [15] [16] [17] [18] [19] [20] The project had been long delayed and stood to lose tax credits by 2017 if investment in construction was not started.[21] Construction broke ground in November 2016.[22] [23] [24] and the project was completed in late 2018.[25]

Living Downtown

The project was conceived as part of a continued effort to increase the resident population in the heart of Downtown Newark.[26] It is near the restored Eleven 80 at Raymond Boulevard, the Union Building,[27] the former Hahne and Company flagship store, the New Jersey Bell Headquarters Building, and the American Insurance Company Building as well as the newly constructed 50 Rector Park.[28] [29] [30] As of 2019, the Griffith Building, long proposed for redevelopment, remains vacant.[31]

Newark Light Rail service opened as July 17, 2006, at the NJPAC/Center Street station, connecting the site with Broad Street Station and Penn Station Newark.

See also

Notes and References

  1. Web site: Revitalizing Newark: One Theater Square tops off. 26 September 2017. Civil + Structural Engineer. 9 March 2019.
  2. Web site: New Newark luxury high-rise apartment building is first completed in 50 years. 3 October 2018. ABC7 New York. 2 March 2019.
  3. Web site: Malone. David. October 5, 2018. Newark's first luxury residential tower in nearly 60 years officially opens. Building Design + Construction. 2 March 2019.
  4. Web site: Newark's building boom an echo of its history : Di Ionno. Mark. Di Ionno. 24 September 2017. nj.com. 2 March 2019.
  5. Web site: First Upscale Highrise in Newark Since 1960, One Theater Square Poised to Begin Construction. Steve. Lubetkin. September 26, 2016. GlobeSt. 2 March 2019.
  6. News: Dunlap . David W. . 1995-01-01 . In Newark, Prologue to an Arts Center . en-US . The New York Times . 2023-02-09 . 0362-4331.
  7. News: McGlone . Peggy . January 18, 2008 . NJPAC complex will add $200M high-rise apartment tower . NJ.com . 2013-07-15.
  8. News: Martin. Antoinette. In Newark, Housing for Artists and Others. The New York Times. May 14, 2010. 2010-09-01.
  9. News: Graph of twelve tallest buildings in New Jersey. Star-Ledger. 2010-09-01. dead. https://web.archive.org/web/20110716025232/http://media.nj.com/ledgerupdates_impact/photo/tallest-buildingjpg-f32bca036432a393.jpg. 2011-07-16.
  10. News: Read . Philip . Proposed Newark high-rise would become city's tallest building. The Star=Ledger . February 28, 2010 . 2010-09-01.
  11. Web site: One Theater Square 22-story apartment tower rises rapidly on Newark skyline. Steve. Strunsky. 26 June 2017. nj.com. 9 March 2019.
  12. Web site: Former NJPAC CEO to step down from luxury apartment project now that funding is complete. De Poto . Tom . 18 November 2013 . 29 June 2016.
  13. Web site: High-rise near NJPAC in Newark delayed, downsized. McGlone. Peggy. 22 September 2012 . 29 June 2016.
  14. News: Arts Center Has a Plan to Help Newark Revive . The New York Times . Ronald . Smothers . 16 March 2006.
  15. News: Theater Square project is tower of hope for downtown Newark . New York . Daily News . Karen . Angel . 5 May 2010.
  16. May 5, 2010 . Dranoff Properties and NJPAC Unveil Plans for One Theater Square . 2012-04-08 . https://web.archive.org/web/20120406174657/http://ws1.njpac.org/joomla/images/PDF/OneTheaterSquarephotofinal.pdf . 2012-04-06 . dead .
  17. May 5, 2010 . Dranoff Properties and NJPAC Unveil Plans for One Theater Square . Prnewswire.com . 2013-07-15.
  18. News: McGlone . Peggy . May 5, 2010 . N.J. Performing Arts Center gets $38M tax credit for high-rise in Newark . NJ.com . 2013-07-15.
  19. News: Planning for Newark's Next Big Step: An Apartment Tower Near the Arts Center . The New York Times . Andrew . Jacobs . 18 January 2008.
  20. News: It's a wonderful loft: Downtown Newark making space for lots of conversions . New York . Daily News . Karen . Angel . 4 March 2010.
  21. Web site: Why NJPAC's next big act is still a parking lot. Sherman. Ted. 18 October 2015 . 29 June 2016.
  22. Web site: Construction underway on Newark high rise, NJPAC and developer say. Jessica. Perry. 16 September 2016. 2 March 2019.
  23. Web site: NJPAC breaks ground on long-awaited high-rise project. Tom. Haydon. 15 November 2016. nj.com. 2 March 2019.
  24. Web site: One Theater Square Luxury Apartments I Dranoff Properties. Visionary Urban Real Estate Development - Dranoff Properties. 2 March 2019.
  25. Web site: Philly developer Dranoff completes luxury high-rise in Newark, N.J.. The Inquirer. Adelman. Jacob. 3 October 2018. 10 October 2018.
  26. Web site: Living Downtown Plan . City of Newark. May 23, 2008. 10 February 2019.
  27. http://www.unionbuilding.com/ Welcome to the Union Building
  28. News: Boulevard in Newark Runs From Decline to Rebirth . The New York Times . Andrew . Jacobs . 5 January 2007.
  29. Web site: Hahnes Griffith Buildings. Berger Organization. 29 July 2010.
  30. Web site: Levitt. David M.. February 27, 2017. In Manhattan's shadow, troubled Newark is having a moment. North Jersey. 2 March 2019.
  31. Web site: Jones. David. March 31, 2008. NYC developers crossing the river to Newark. The Real Deal. July 22, 2010. https://web.archive.org/web/20100215044200/http://therealdeal.com/newyork/articles/nyc-developers-crossing-the-river-to-newark#. 2010-02-15. dead.

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