The Real Deal New York

Newark sees influx of new developments

Construction, financing for projects picking up in NJ town

December 30, 2014 10:05AM

Rendering for RBH Group's project in Newark, N.J.

Rendering for RBH Group’s project in Newark, N.J.

Newark is booming with development.

More than half a dozen projects have secured financing, broken ground or have been completed in the former industrial hub in the past year, according to the Wall Street Journal. Newark has about 280,000 residents.

One of the projects is RBH Group’s Four Corners Millennium Project, which is slated to include 705 residential units, a hotel as well as retail and office space, the newspaper reported. Dranoff Properties is planning a 22-story building with 245 units. Dranoff is expected to break ground this winter. More than 470 residential units received permits in Newark this year through October, which is more than double than the average over the last few years.

Newark was hit hard in the recession, which caused many projects to stall. Resuming development has been slower in Newark than in other towns, including nearby Hoboken and Jersey City.

“I think this moment is really a new beginning,” Baye Adofo-Wilson, the city’s economic and housing development director, told the newspaper. [WSJ] Claire Moses

MENU