One Riverview (Newark)

One Riverview
General information
Type Residential high-rise
Location 36 Rector Street
Newark, New Jersey
Coordinates 40°44′25″N 74°10′01″W / 40.740169°N 74.167076°W / 40.740169; -74.167076Coordinates: 40°44′25″N 74°10′01″W / 40.740169°N 74.167076°W / 40.740169; -74.167076
Construction started September 27, 2013
Height
Roof 94.80 m (311.0 ft)
Technical details
Floor count 23
Design and construction
Architect Costas Kondylis
References
[1][2][3][4]

One Riverview is a building under construction in Newark, New Jersey, the first market rate residential high-rise to be newly built in the city since 1962.

Location

One Riverview is adjacent to the New Jersey Performing Arts Center (NJPAC) and adjacent to the center's education facility at 24 Rector Street in Downtown Newark. It is nearby McCarter Highway across from which is the Passaic River. The NJPAC-Center Street station of the Newark Light Rail in a block away.

One Riverview is seen as a major boost to the Newark's Living Downtown Plan,[5] an effort to create transform Downtown from a 9–5 work place to a vibrant 24/7 community. It is one of several residential projects slated for the area around Military Park, itself recently renovated. Other projects include the adaptive re-use of the American Insurance Company Building and the former flagship department store of Hahne and Company, and the new construction of One Theater Square.

Design

The complex will incorporate an historic six-story building that was once part of Ballantine Brewery.[6] It was later used by Newark College, the forerunner of the Rutgers School of Law–Newark, (1930-1947)[7] and until 2006 the city's Science High School.[8] A new 22-story high-rise will be built adjacent to it. The building will have 169 rental units and 7,640 square feet of ground floor retail space as well 117 tenant parking spaces.[9]

Development

First conceived in 2006.[10][11] the project is a collaboration by Shaquille O'Neal, Newark native and basketball star, in conjunction with New Brunswick-based Boraie Development, which has been instrumental in the development of the district around the New Brunswick train station.The project was partially made possible through a New Jersey Department of Economic Development Urban Transit Hub Tax Credit.[12] The $20,666,625 tax credit to 36-54 Rector Street, LLC and Boraie Development, LLC was originally granted on February 10, 2010, and finalised on April 10, 2012 based on a total investment of $ 63,897,500. Goldman Sachs has provided financing, while Newark-based Prudential Financial bought redevelopment area bonds issued by the city. Additionally the Municipal Council of Newark in February 2013 adopted a resolution for $5 million tax credits.[13] Ground was broken in September 2013.[14][15][16] In October the body of a missing woman was found in the building[17] and in November 2015 small fire occurred.[18]

The project stalled[19] and in November 2015 the Municipal Council of Newark voted to transfer $2million to Boraie Development to kickstart the project.[20]

See also

References

  1. ↑ "One Riverview at Rector". Emporis. Retrieved 2013-12-08.
  2. ↑ Haddon, Heather (September 26, 2013). "Star Comes Home to Build in Newark Shaquille O'Neal in Real Estate Development Partnership". Wall Street Journal.
  3. ↑ Munson, John (September 27, 2013). "Shaq comes back to Newark to break ground for city's first high-rise apartment in more than 50 years". The Star-Ledger.
  4. ↑ "Booker, Shaquille O’Neal and other dignitaries break ground on new high-rise apartments". Essex News Daily. September 30, 2013. Retrieved 2013-12-08.
  5. ↑ "Newark The Living Downtown Development Plan" (PDF). City of Newark. 2008. Retrieved 2013-12-08. Downtown Newark is the largest downtown in the state of New Jersey. Its assets include nearly 50,000 office workers, the headquarters of five major corporations, five university campuses with nearly 50,000 students and faculty, two hospital campuses, one of the best public transit systems in the nation among mid-sized cities, and important sports, cultural, and entertainment destinations...In 2000, the daytime population of Newark was estimated at over 330,000, including a workforce of 47,000 people within one half-mile of the intersection of Broad and Market Streets, Newark’s legendary Four Corners.
  6. ↑ "Ballantine Timeline - Pre-Prohibition". https://sites.google.com. Retrieved 2013-12-08. External link in |publisher= (help)
  7. ↑ "Buildings". About the School. Rutgers School of Law. Retrieved 2013-12-08.
  8. ↑ "40 Rector Street". Emporis. Retrieved 2013-12-08.
  9. ↑ De Poto, Tom (September 27, 2013). "Shaquille O'Neal to break ground in Newark for new apartment building". The Star-Ledger. Retrieved 2013-12-08.
  10. ↑ http://www.nytimes.com/2008/08/17/realestate/17njzo.html?scp=5&sq=boraie%20development&st=cse&_r=0
  11. ↑ "Newark Clear O'Neal Condo Plan". The Star-Ledger. August 2008. Retrieved 2014-03-04.
  12. ↑ "Urban Transit Hub Tax Credit Program Approved Projects" (PDF). New Jersey Department of Economic Development. 2013. Retrieved 2013-12-08.
  13. ↑ "Rector St. Resolution for LFB Application". City of Newark. February 20, 2013. Retrieved 2013-12-31.
  14. ↑ Haddon, Heather (September 26, 2013). "Star Comes Home to Build in Newark Shaquille O'Neal in Real Estate Development Partnership". Wall Street Journal.
  15. ↑ Munson, John (September 27, 2013). "Shaq comes back to Newark to break ground for city's first high-rise apartment in more than 50 years". The Star-Ledger.
  16. ↑ "Booker, Shaquille O’Neal and other dignitaries break ground on new high-rise apartments". Essex News Daily. September 30, 2013. Retrieved 2013-12-08.
  17. ↑ http://www.nj.com/hudson/index.ssf/2015/10/body_of_missing_nj_woman_found_in_vacant_newark_sc.html
  18. ↑ http://www.nj.com/essex/index.ssf/2015/11/abandoned_school_awaiting_shaq_renovation_damaged.html#incart_river_home
  19. ↑ http://www.nj.com/essex/index.ssf/2015/08/2_years_after_groundbreaking_shaq-backed_newark_hi.html
  20. ↑ http://www.nj.com/essex/index.ssf/2015/11/newark_to_kick_in_2m_to_spark_construction_on_shaq.html#incart_river_home

External links

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