Governor Murphy Signs Executive Order Establishing the New Jersey-India Commission

Dranoff, NJPAC launch leasing at 22-story Newark apartment tower

Joshua Burd | REALESTATE-NJ

The developers of a long-awaited, luxury apartment tower near the New Jersey Performing Arts Center in Newark have taken the wraps off the 245-unit building.

Dranoff Properties Inc. and NJPAC said Monday that they’ve launched leasing at the 22-story development, known as One Theater Square, and expect move-ins to begin next month. Located at 2 Center St., the glass and brick tower sits directly across from the performing arts venue and Military Park, offering apartments with monthly rents ranging from $1,775 to $4,100.

“With everything for life, work and play just steps away, One Theater Square embodies a bold, new vision of downtown Newark,” Carl Dranoff, CEO of Dranoff Properties, said in a prepared statement.

The milestone for the $116 million, mixed-use project comes more than a decade after it was first proposed. The development, which has had the backing of state officials, was long seen as a logical extension of NJPAC and a means of using the venue to create additional economic value in downtown Newark.

It also comes as other new market-rate development moves ahead in the city. At One Theater Square, developers are touting apartments ranging from 504-square-foot studios to 1,604-square-foot three-bedroom units, all with high-end finishes and appliances.

The spaces also offer large windows that provide views of Military Park, downtown Newark and the Manhattan skyline, according to a news release. Amenities include a lobby attended by a 24-hour concierge, club room with demonstration kitchen, fitness center and other common spaces.

Two dozen of the 245 apartments will be leased to income-qualifying candidates, with monthly rents ranging from $738 to $771 for studio and one-bedroom units.

“One Theater Square’s mix of market rate and affordable units provides a fair opportunity for all Newark residents who wish to make this remarkable building their new home,” said John Schreiber, NJPAC’s CEO and president. “The Arts Center is vested in the renaissance that is sweeping downtown Newark, and One Theater Square will be an exciting addition to an already vibrant local scene by offering convenience, retail opportunities and high-quality housing.”

Plans also include a 285-car garage and 12,000 square feet of high-end retail and restaurant space at the ground level. The property is within walking distance of the city’s light rail, NJ Transit and Amtrak rail lines and employers such as Prudential Financial and Audible.

Read the full article here.

WHAT CAN CHOOSE New Jersey DO FOR YOU

Relocation & Expansion Services

We provide customized RFI responses, demographics, detailed market assessments and other complimentary business relocation and expansion services. When your company chooses to grow in New Jersey, we also will help you publicize your good news.

Site Visits

We’ll make your property search seamless, so you find the site that best meets your relocation or expansion needs.

Economic Development Connections

Our public and private partners provide a wide range of services. From higher education research collaboration to regulatory and legal assistance to workforce training, they’ll ensure you have a smooth landing.

Carly Wronko
Director of Marketing