NEWARK, NJ | 777 McCarter Highway | FT | 32 FLOORS

[chris08876]

Shaq Will Invest In Another Newark High Rise Apartment Project

Shaquille O’Neal already has a high-rise apartment building working in downtown Newark. The 7-foot 1 retired basketball star calls it ‘Shaq Tower.’

“In 1992, me and my mother were visiting some relatives and my mother said to me, ‘I remember when this city used to be beautiful. Somebody needs to come by and invest in this city and make it beautiful again.’ She gave me an elbow to the chest like I’m that somebody.”

O’Neal announced he’ll financially back another apartment project at 777 McCarter Highway near 2 Gateway Center.

“Three-hundred and fifty units, thirty-five stories. We’re going to be investing another $150 million in the city,” O’Neal said. “This will be known as the ‘House That Shaq Built’.

Shaq’s first high rise investment near the New Jersey Performing Arts Center is still in development.

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http://wbgo.org/post/shaq-will-inves...oject#stream/0

[C.]

Ah, the "Shaq Tower"

I hope it happens this time. Newark could use it.

[towerpower123]

Originally Posted by CIA

Ah, the "Shaq Tower"

I hope it happens this time. Newark could use it.

Did you not see the first one topped out on Rector Street?
This is an image from 2 weeks ago.

http://www.nj.com/essex/index.ssf/20...ctor_stre.html

[chris08876]

Plans for Newark’s Second ‘Shaq Tower’ Could Soon Be Approved

It has been nearly a decade since the plans for Newark’s first “Shaq Tower” were revealed. In the time since, not only were there several false starts, but the historic Science High School building that was supposed to be adaptively reused and serve as the base of the high-rise development was unexpectedly torn down. Now, just as the largely residential project by Shaquille O’Neal and New Brunswick-based Boraie Development is finally nearing completion, plans for an even larger Shaq Tower on a nearby property could soon gain approval.

At an event in April to celebrate the topping-off of the project at the corner of McCarter Highway/Route 21 and Rector Street, a proposal was revealed for a second high-rise development a few blocks south at 769-781 McCarter Highway/Route 21, which stretches between Market Street and Edison Place. During the celebration, O’Neal referred to the proposed $150 million structure as “the house that Shaq built” and told the crowd that he would reside on the building’s top floor.

A legal notice shows that the Newark Plaza Urban Renewal Company, LLC, which is registered out of Boraie Development’s office, is planning for the building to be 33 stories tall and contain 370 residential units. In addition, a “parking structure” and 14,495 square feet of first-floor retail space would be included on the premises, though the plan calls for “fewer parking spaces than are required.” The Newark Central Planning Board is scheduled to hear the proposal for the first time during its meeting on Monday, August 6, at 6:30 p.m.

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Jersey Digs

[chris08876]

$28 Million in Tax Credits Will Expand Affordable Housing in NJ



Credit: Jersey Digs

The New Jersey Housing and Mortgage Finance Agency (NJHMFA) recently announced $28M in Federal tax credits that will go toward expanding affordable housing access for families, seniors, and special needs residents. The credits come courtesy of a nine percent Low Income Housing Tax Credit program (LIHTC), which are awarded to developers to build new rental apartments or rehabilitate existing rental units for low-income households.

[...]

There are two projects in Newark that were granted the awards, one of which has a pretty high profile. A 33-story tower from Boraie is scheduled to soon start construction at 777 McCarter Highway, and 74 of its 370 total units will be designated as affordable. NBA legend Shaquille O’Neal is a partner in the venture and is set to live in one of the building’s penthouses when it’s completed.

[Oron Zchut]

This one is under construction

From Monday

[chris08876]

Hopefully the start of many more. This is kind of big for Newark, big news. Few projects in the pipeline for Newark that show promise.

Will also help to add a nice filler for the skyline given the angle, especially when viewed from Ironbound.

[chris08876]

Work Advancing on Newark High-Rise That Shaquille O’Neal Plans to Call Home

Downtown Newark’s second “Shaq Tower,” a building that Shaquille O’Neal plans to call home, is rising off the ground.

Crews are working at 777 McCarter Highway on the first few floors of a high-rise development that will bring a substantial residential presence to a property by Market Street that is nearly surrounded by a sea of office buildings.

A massive crane now towers over the premises between Ironside Newark and the Gateway Center while the part of the parking structure that will eventually serve as part of the building’s base is visible from the street. Fencing surrounds the parcel, leading to temporary sidewalk closures along Route 21 and Market Street.

This project, which is being developed by Newark native turned athlete turned businessman Shaquille O’Neal and New Brunswick-based Boraie Development, is expected to be 32 or 33 stories tall when completed and receive a 30-year tax abatement.

“The largest residential project in Newark will tower at 32 stories with 370 apartments, 74 of them designated as affordable housing,” the city’s municipal government announced last year. “Mr. O’Neal will live in one of the building’s penthouses.”

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Jersey Digs

[chris08876]

Credit: https://www.reddit.com/r/Newark/comm..._quick_update/

[chris08876]

Credit: Chris Fry/Jersey Digs

[chris08876]

Credit: naglephoto

[chris08876]

Credit: Kalebxtentacion