Development on the rise in Newark

New York /
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

arrow_forward_ios
Cabot CEO Franz Colloredo-Mansfeld and RBH Group CEO Ron Beit (RBH, Cabot)
Indoor farm in Newark trades hands for $21M
Indoor farm in Newark trades hands for $21M
707 Broad Street and 153 Halsey Street with Managing Partner of Hanini Group Samer Hanini, SHIFT Capital’s CEO Brian Murray, and principal investor at CoInvestment Partners Piyush Bhardwaj. (Google Maps, LinkedIn)
Development trio wagers $150M on Newark’s struggling office market
Development trio wagers $150M on Newark’s struggling office market
Fairstead makes $85M senior housing play in Newark
Fairstead makes $85M senior housing play in Newark
Fairstead makes $85M senior housing play in Newark
Omni’s Garden Spires residents allege leaks, mice infestations
Omni’s Garden Spires residents allege leaks, mice infestations
Omni’s Garden Spires residents allege leaks, mice infestations
A view of the development site with Bears & Eagles Riverfront Stadium and Madison Realty Capital’s Josh Zegen (City of Newark, Wikimedia/buba69)
NJ developer lands $400M apartment loan
NJ developer lands $400M apartment loan
Newark puts restrictions on businesses amid spike in Covid-19 cases (Getty)
Newark restricts businesses again to curb Covid spike
Newark restricts businesses again to curb Covid spike
In and around Newark’s Ironbound, projects proliferate
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
Black developers say partnerships aren’t always equal
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...