With a population of about 281,800, Newark is the largest city in New Jersey. Within the past few years, the city has been entering a new chapter marked by development projects and investments which reveal its growing potential for the future.
- Corporations such as Goldman Sachs and Prudential Financial have invested $500 million and $368 million respectively.
$2 billion in commercial and residential development is underway with 1,500 units under construction and another 4,000 planned, according to the city’s department of economic and housing development.
Vacant lots are being redeveloped into projects like the $94 million residential and commercial Springfield Avenue Marketplace.
- $174 million has been poured into the transformation of forsaken buildings, such as the 1901 Hahne and Company department store, which is turning into 160 apartments, a cultural center for Rutgers University and a Whole Foods Market.
Developers such as Lotus Equity Group, which bought Bears Stadium to build a mixed-use project, are putting their money in Newark.
In summary, there is a lot of good energy in Newark these days. The increasing investment and development into the city is boosting the future of this market we’re excited about growing. For more information, check out https://nyti.ms/2ls516V.
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