This morning, Newark Regional Business Partnership hosted a panel discussion on real estate, economics, and development in Newark. Hosted at the Robert Treat hotel to a room of approximately 200 of the organizations members, partners, and sponsors, the panel included Martin P. Melilli of TD Bank, real estate developer Adenah Bayoh, S. Airaj Hasan, CEO of Blackstone 360, Lisa A. John-Basta from Chiesa Shahinian & Giantomasi PC, Elizabeth Limbrick from the NJEDA, and Jennifer Mazawey from Genova Burns.
The real estate forecast is particularly bright for Newark, where renovations have beautifully restored historic buildings and brought a number of new residents to downtown Newark. Most recently joining the mix are two new towers, One Theater Square and 50 Rector Place, with more in the pipeline. The recently announced transformation of the Gateway Center will convert the aging interior-focused complex to an outward and welcoming environment that attracts residents, visitors and tenants. NJPAC will also be announcing a major transformation at their site to come in 2020, demolition is complete at Bears Stadium, and more.
Heidi Learner, Chief Economist at Savills, began the morning’s event with a report on the city’s growth and expansion, particularly relative to New Jersey’s in residential population, education, employment, and commercial development. Since 2010, Newark’s population has grown 1.8%, compared to the 1.2% population grown seen state-wide in that same time. For as much as the city’s outlook is bright, Newark is experiencing growing pains in its educational, employment, and commercial development. Across all of New Jersey’s cities and towns, Newark’s student test scores rank in the 14th percentile, up from the 4th percentile in 2006. Roughly 30% of the city’s students attend low growth or low proficiency schools, while at the same time Science Park High School was just added to the list of top schools in New Jersey. Over 25,000 sq ft of commercial space leasing was signed in 2019, showing an influx of corporate tenants coming to Newark in the very near future.
Transformative plans for redevelopment of the Gateway Complex that extends from Newark Penn Station across Route 21 over to Mulberry Street we’re outlined by John Saraceno of Onyx Equities, the new owners of the corporate and retail complex. The designs for Gateway Center are clearly intended to establish an open environment inside and outside the complex, as opposed to the historically closed-off design that walled the complex off from the downtown neighborhood.
The panel engaged in a lively and dynamic discussion around Newark’s success stories, challenges, opportunities, and areas of caution. Adenah Bayoh, who’s development company is currently building a mixed-use property across the street from City Hall on Broad Street that boasts 55% affordable units and 45% market rate spoke to the urgent importance of equitable development.
The panel spoke candidly about the need for developers to have vision for a future city that is not limited to easy profitability and small thinking.
The event was sponsored by TD Bank, Berger Organization, Blackstone 360, Chiesa Shahinian & Giantomasi PC, Genova Burns, NJEDA, PS&S, PSE&G, and Savills, with additional support from CoreNet NJ and NJ Advance Media.
