Today, the New Jersey Performing Arts Center and developer Dranoff Properties, Inc. of Philadelphia celebrated the ground breaking of One Theater Square, Newark’s first ground-up residential high-rise since 1960, located across from NJPAC and Military Park.
The $116 million project has been realized through a unique public private partnership, which includes contributions from the City of Newark, the State of New Jersey, Prudential Financial, Fifth Third Bank, the developer and NJPAC. Key stakeholders who worked for nine years to bring this project to fruition spoke at the ground breaking including former NJ governor Tom Kean, Newark Mayor, Ras Baraka, Lt. Governor Kim Guadagno, as well as former president and CEO of NJPAC, Lawrence Goldman.
One Theater Square will be a 22-story skyscraper with a signature curved glass tower that will add to Newark’s evolving the skyline. Its well-appointed interior will contain 245 apartments, 12,000 square feet of ground level retail, 285 parking spots and amenities that include: 24-concierge service, a state-of-the-art fitness center, club rooms, and an outdoor entertainment space outfitted with soft seating, TV’s and fire pits.
“One Theater Square embodies a vision of downtown Newark more than a quarter century in the making,” Schreiber said. “We are celebrating the result of the visionary work of NJPAC founders Governor 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.”
“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,” said Carl E. Dranoff, Founder and CEO of Dranoff Properties. “This is a bulls-eye location in a rising city. With NJPAC literally at its doorstep, One Theater Square will redefine what’s meant by ‘home entertainment.’ This is to be a complete live-work-shop-and-play community, just as Dranoff Properties has helped create in other areas of the country.”
One Theater Square’s location is within walking distance to local corporate headquarters, Whole Foods, as well as Penn Station, which makes it easily accessible to Manhattan by train. Residents will also be able to walk, drive or take public transit to nearby museums, the waterfront, galleries, and the arenas. Newark International Airport, a gateway to the world, is just 12-minutes away by car.
Plans for the ground floor include 12,000 square feet of exciting retail space designed to reflect the neighborhood and enhance it. The 245 luxury-appointed apartment units will consist mostly of 1- and 2-bedroom apartments, but also studios and 3-bedroom units with dens, ranging in size from 585 to 1,700 square feet. Rents are expected to start at $1,250 for a studio, $2,000 for 1-bedroom, $3,150 for a 2-bedroom and $4,500 for a 3-bedroom.
“One Theater Square is an important step forward for Newark,” said Mayor Ras Baraka. “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.”
“We are delighted to complete this important step toward the development of One Theater Square,” said John Strangfeld, chair of the NJPAC Board of Directors and chairman and CEO of Prudential Financial, Inc. “These additional high-quality housing options complement other residential and commercial development projects under way, which are boosting the vitality of the entire city. When completed, this project will mark another important milestone in the city’s development, while bolstering the strength and presence of NJPAC and the thriving retail, entertainment and business community in Newark’s downtown.”
The project includes 24 affordable housing units that will be marketed as artist residences, although they will be available to anyone who meets the financial criteria. With the grand opening scheduled for the summer of 2018, One Theater Square will become a quintessential 24/7 urban destination that defines city living in the 21st Century.”