NEWARK, NJ—A long track record of building successful boutique multifamily properties in Philadelphia and its distressed neighbor across the Delaware, Camden, NJ, helped developer Carl Dranoff win the bid to develop One Theater Square, Newark’s first ground-up luxury multifamily construction in more than half a century, Dranoff told GlobeSt.com last week.
“It’s a carefully calculated risk,” says Dranoff. “It’s just a bullseye location, you just can’t get a better location.”
Dranoff Properties, the New Jersey Performing Arts Center, and city officials broke ground last week on Newark’s first luxury living address, One Theater Square. The building is expected to top out next fall, with the first tenants moving into apartments in June 2018, Dranoff says.
The 22-story skyscraper, with a signature curved glass tower, will contain 245 apartments, 12,000 square feet of ground level retail, 285 parking spots and amenities that include: 24-hour concierge service, a state-of-the-art fitness center, club rooms, and an outdoor entertainment space outfitted with soft seating, TV’s and fire pits.