NEWARK, N.J. (AP) — A who’s who of current and former officials including former Gov. Tom Kean (KAYN) and Lt. Gov. Kim Guadagno have officially broken ground on Newark’s first major market-rate residential building in more than five decades.
The 22-story apartment building across from the New Jersey Performing Arts Center is due to open in the summer of 2018. Officials call it another step in the renaissance of Newark’s downtown.
It’s a joint project between NJPAC and Dranoff Properties, with contributions from the city of Newark, the state of New Jersey, Prudential and Cincinnati, Ohio-based Fifth Third Bank.
The building will feature 245 apartments. Ten percent will be affordable housing units.
At Monday’s groundbreaking, Kean said the more than decade-long project was the fulfillment of a dream.