Development has ground to a halt. There is no construction lending. there are no developers willing to take on the risks. Except in Newark…
Richardson Lofts which is being build near the southern end of Newark Penn Station is a wonderful historical redevelopment project. Origionally concieved as a condo project it has turned rental.
In Mayor Booker’s state of the city speech, the mayor mentioned three other large projects moving forward. These are the Seton Hall Law School dormitories, the Shaquille O’Neal backed residential developments at the School of Technology Building and Dranoff Properties residential tower near NJPAC and the Robert Treat Hotel – to be the tallest building in Newark.
As developers retreat from other markets, they are still forging ahead in Newark.