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Old Posted Jan 6, 2015, 5:08 AM
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Nexis4Jersey Nexis4Jersey is offline
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Join Date: Mar 2009
Location: In the Pascack Valley
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New Developments Seen as Boosting Future of Newark

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NEWARK—For years, this city has watched nearby Hoboken and Jersey City be transformed by luxury apartments, restaurants and an influx of young professionals while it struggled to overcome a legacy of poverty, violence and corruption.

Now developers say the future of what was once an industrial hub is finally under way, with half-a-dozen downtown residential developments having received financing, broken ground or been completed within the past year. The hope is that the projects will bring thousands of residents, a more vibrant street life that will help drive down crime and lift rents enough to tempt other developers to take the plunge.

“I think this moment is really a new beginning,” said Newark’s economic and housing development director, Baye Adofo-Wilson.

Among the projects moving forward is the Four Corners Millennium Project, which is expected to have 705 residential units, a hotel, retail and office space. It has received state tax credits and begun design work.

Elsewhere, Dranoff Properties plans to break ground this winter on a 22-story building with 245 apartments in a city that has seen little new high-rise construction in the past 50 years.

Also under way is the 500,000-square-foot redevelopment of the former Hahne & Co. department-store site. The developers have signed a lease for a Whole Foods Market, which is expected to open in 2016.

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