$150M Newark Mixed-Use Project Moves Forward
- Sep 10, 2008
Plans are underway for the development of Liberty Plaza, Newark, N.J.’s first Class A office and mixed-use project in 15 years, which will feature a 430,000-square-foot, 22-story office and retail tower in Phase I. Located on 3.5 acres adjacent to the New Jersey Transit Broad Street Rail Station, the project (pictured) is expected to cost at least $150 million. It is also less than a mile from Interstate-280. Because of its location near the rail station, the project has been pre-approved for New Jersey’s Urban Transit Hub Tax Credit, which could make it eligible for as much as $100 million in tax breaks over 10 years, according to a May 1 CPN report. Developer Richard Tucker, president & CEO of Tucker Development Corp., said in a prepared statement that final plans and renderings for the project had been completed by the architectural firm RMJM Hillier. The office and retail tower will have a state-of-the-art telecommunications system and high-tech security with many diverse power supply sources. Officials were not available before press time to elaborate on the power sources but did describe the project as “environmentally responsible and technologically superior” in the news release. One of the features will be tenant-controlled generators for backup power. The project will have more than 750 on-site parking spaces, a rooftop garden, dining and bank facilities.CPN had previously reported that the mixed-use development was to include a 200-room hotel and 50,000 square feet of retail on the tower’s first two floors. The developer has also said it plans to include a 25,000-square-foot health spa. In June, Tucker announced that a six-person team from Cushman & Wakefield Inc.’s East Rutherford, N.J., office would be the exclusive marketing and leasing representatives for Liberty Plaza. James Frank and David Stifelman are leading the team. Tucker Development, based in Highland Park, Ill., opened an office in Newark this year and announced that it was aiming to invest up to $1.5 billion in New Jersey mixed-use, retail and transit-oriented development projects. In a Jan 23 company press release, Tucker stated, “We view New Jersey as offering tremendous growth prospects in urban, transit-oriented and smart growth development and redevelopment. With our organization’s retail and mixed-use expertise, along with our patient capital designed to invest in new development and acquisition opportunities, we expect strong deal flow in the state.” The company is best known in Chicago and the Midwest, where it has developed and acquired a retail and mixed-use portfolio of more than 4 million square feet since 1996. Liberty Plaza is just one of several high-profile developments proposed for Newark and the surrounding region. Dranoff Properties said in January that it was planning a $200 million to $250 million residential project adjacent to the New Jersey Performing Arts Center. CPN reported that a future phase could include a second residential tower and hotel. In nearby Linden, N.J., Duke Realty plans to construct an industrial and retail development on the site of a former General Motors plant.