Philly developer Dranoff completes luxury high-rise in Newark, N.J.
The project is billed as Newark's first ground-up luxury high-rise in more than 50 years.
Doors have opened at the One Theater Square apartment tower in Newark, developed by Philadelphia-based Dranoff Properties in collaboration with the New Jersey Performing Arts Center located across the street.
The 22-story project's completion was marked by a ribbon-cutting Wednesday with Dranoff Properties' chief executive Carl Dranoff and Newark Mayor Ras Baraka, the company said in a release.
Nearly 100 of the building's 245 units were leased at opening, according to the release, which billed the project as Newark's first ground-up luxury high-rise in more than 50 years.
One Theater Square is part of a downtown Newark revival envisioned more than 30 years ago by performing-arts center founders including former Gov. Thomas Kean; philanthropist Ray Chambers; and Larry Goldman, the center's first chief executive.
The $116 million project has been awarded $33 million in New Jersey state tax credits and has arranged for $12 million in project funding from the City of Newark.