Development on the rise in Newark

May.May 18, 2011 10:19 AM

Hotel occupancy in Newark dropped from 69.4 percent in 2007 to 60.6 percent in 2009. It has now spurted, and reached 66.7 percent, a 10.1 percent increase from the previous year, in 2010. An increase in hotel occupancy is just one among many signs that Newark is back in business, and many developers are seeking to cash in on the action, with financial aid from the government, as The Real Deal previously reported.

April saw contractors break ground on a new government-backed $35 million Courtyard Hotel by Marriott, developed by Highland Park’s Tucker Development, according to the National Real Estate Investor. Developer Samer Hanini (note: correction appended) is also proceeding with plans for a $23 million Hotel Indigo, gut renovating a 1912 property, The city is helping him put together the last portion of financing for the project.

Other non-hotel projects are in the works too. Developer Ron Beit is breaking ground on a $120 million Teachers Village project including 65,000 square feet of retail and 224 residential units. Standard Chartered Bank, a British institution, recently completed a 12,000-square-foot expansion of its space and Pitney Bowes, a mailing firm, relocated to a 76,000-square-foot Newark space.

As The Real Deal previously reported, in Newark’s biggest coup, Panasonic agreed to relocate its North American headquarters to the city from Secaucus– a $190 million development. [National Real Estate Investor]

Related Articles

In and around Newark’s Ironbound, projects proliferate

In and around Newark’s Ironbound, projects proliferate

From left: The Blau and Berg Company's Karine Blanc, TD and Partners' Nana Duncan and Lemor Development Group's Kenneth Morrison (Credit: Blauberg, TD+Partners and Lemor)

Black developers say partnerships aren’t always equal

Concept plans for 'The Halo' at 289-301 Washington Street and Meridian Capital Investment's David Schechtman - provided by Meridian Capital Investments/ Minno Wasko

Developer seeks $40M for Opportunity Zone site in downtown Newark

Clockwise from the upper left: Advance, Greek break ground at logistics center in Linden, home designed by Frank Lloyd Wright in Glen Ridge back on the market, Prism Capital pens Woodbridge site acquisition, Lone Star Funds offloads Montvale office

American Dream in East Rutherford finds a sponsor, Frank Lloyd Wright-designed home lists in Glen Ridge & more North Jersey real estate news

Joy Construction's Eli Weiss (top) and Maddd Equities' Jorge Madruga with 765 Broad Street in Newark (Credit: Google Maps and Getty Images)

Joy Construction, Maddd Equities land $34M loan for Newark building

From Left to Right: Whole Foods pens leases at Harborside, Englewood luxury rental complex hits the market, Prism retains architect at ON3, JMF breaks ground at Glen Ridge

Mack-Cali brings Whole Foods regional HQ to Jersey City, $85M Englewood apartment complex for sale & more North Jersey real estate news

From left to right: Advance, Greek Development secure financing for Avenel cold storage facility, West Orange acquires Rock Spring Golf Club, Jersey City advances hotel proposal near Liberty State Park, Multi-use North Hoboken redevelopment moves forward.

New Jersey Cheat Sheet: Englewood mansion takes 75% price cut, Rock Spring Golf Club in West Orange sold for $11.1M… & more

New Jersey Cheat Sheet: Toys ‘R’ Us unloads former Wayne HQ, Gov. Murphy touts Opportunity Zone awards… & more

New Jersey Cheat Sheet: Toys ‘R’ Us unloads former Wayne HQ, Gov. Murphy touts Opportunity Zone awards… & more