Construction Begins At $116M Newark ‘Upscale’ High-Rise

NEWARK, NJ — Newark developers have started construction on the city’s first “ground-up, upscale, residential high rise since 1960.”

On Thursday, the New Jersey Performing Arts Center (NJPAC) and Philadelphia-based developer Dranoff Properties announced the start of construction on “One Theater Square,” a $116 million, 22-story, 245-unit building located on 1.2 acres across from NJPAC and Military Park in Newark.

A joint news release called the project the “first ground-up upscale residential high rise since 1960.”

Rents in the completed building are expected to start at $1,250 for a studio, $2,000 for one-bedroom, $3,150 for a two-bedroom and $4,500 for a three-bedroom.

The project includes 24 affordable housing units that will be marketed as artist residences, although they will be available to anyone who meets the financial criteria, the news release stated.

The ground floor will include 12,000 feet of exciting retail space “designed to reflect the neighborhood and enhance it,” and the building includes a lobby with a 24-hour concierge, a roof deck community gathering space, a fitness facility, multiple club rooms and 285 parking spaces for tenants and retailers, the release stated.

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Photo Rendering: Evergreen Partners

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