There is a definite buzz in the City of Newark and big things are happening that will alter its skyline in the coming years. Already, construction is well underway on major projects like the “Shaq Tower” and Ironside building and residents are moving into their luxury digs at One Theatre Square next to NJPAC this week.
On Thursday, the Fourth Annual Newark CRE Summit took place at the Robert Treat Hotel and the event was well attended by developers, investors, attorneys, brokers, government officials and more. The common refrain among panelists was “three years ago we wouldn’t have been talking about this” and “I never would have thought you would have seen that kind of development.”
With the escalating rents for both commercial and residential rents in places like Jersey City and Hoboken, businesses are looking for alternatives in the Brick City. Both current and future projects were discussed for areas both in and immediately adjacent to the central business district of the city.
A big coup for Newark was the announcement by Mars Wrigley that they will move their headquarters from the western part of the state to the heart of the downtown in the new Ironside building. Another major project discussed was the rehabilitation of the nine-acre property that housed the now defunct Newark Bears baseball team. The development on that site will be a mix of residential and commercial use as well as an innovative use of green space and park features to make the area more welcoming.
The “Amazon Effect” was a part of several panel discussions and there was consensus that even if Newark is not selected for its HQ2, the impact of the city’s proposal has already generated much needed development. The fact that Newark made it to this final round, panelists said, proves that it is a city worthy of consideration for any major corporation.