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  #1  
Old Posted Mar 31, 2014, 8:36 PM
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NEWARK, N.J. | 40 Rector St | FT | 23 FLOORS

NJ.com:

Shaq comes back to Newark to break ground for city's first high-rise apartment in more than 50 years
By Tom De Poto/The Star-Ledger
on September 27, 2013 at 4:41 PM



John Munson/The Star-Ledger

Quote:
Standing a full head taller than 6’-3” Newark Mayor Cory Booker, NBA legend Shaquille O’Neal broke ground today on the city’s first high-rise apartment since 1962.

O’Neal plans to convert the former Science High School building into a 23-story, 169-unit apartment tower with retail space on the ground floor. He is working in partnership with New-Brunswick-based Boraie Development, which has helped construct more than 1 million square feet of residential and retail buildings in New Jersey and partnered with O’Neal to give Newark its first movie theater in decades.

Wasseem Boraie, vice president at Boraie Development, said his company wanted to lay to rest the perception that “the only thing that works in Newark is affordable housing and government-sponsored projects. We didn’t believe that. The more we got into the city, the more we believed that high quality retail, high quality residential is more than possible in Newark.”

Most of the units will rent for market price, ranging from $1,400 for a studio, to $2,200 for a two-bedroom, Boraie said.

He said construction is expected to begin in the spring and the project is slated to be completed by mid-2015.

[...]

©CBS New York


As of March 27th, 2014...

The rear access. Soil testing has occurred recently to prepare for the project.



©Brandon Nagle at UvM


More of what will be restored:
As of March 25th, 2014...


©Brick_City on Flickr
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Last edited by Hypothalamus; Mar 31, 2014 at 8:53 PM.
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  #2  
Old Posted Mar 31, 2014, 8:59 PM
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Looks good, and hopefully this is the first of many for Newark.

With the transit to Manhattan, and Whole Foods, it should be pretty easy to entice younger people into transit-oriented development around Newark's rail stations.
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  #3  
Old Posted Mar 31, 2014, 9:24 PM
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This is desperately needed in Newark. Go forth and gentrify!
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Old Posted Mar 31, 2014, 9:34 PM
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Google mapped the area.

40 Rector, Newark, NJ.

It's a 15 minute walk to Newark Penn and pretty much a stone throw away from both light rail lines. The rents seem a little high for Newark. You can get the same in Jersey City in a safer neighborhood.
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Old Posted Apr 1, 2014, 1:14 PM
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Thought there was a thread for this one already. But anyway, it joins a growing list of projects in development or already moving forward in Newark.
As far as crime goes, nothing really happens in that area.















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Last edited by NYguy; Apr 1, 2014 at 1:25 PM.
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  #6  
Old Posted Apr 1, 2014, 2:57 PM
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This came as a good treat this morning. Wow, pretty cool design. I do hope this will set downtown on fire with a trend of development. Its time for Newark to be the next Jersey City.
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Old Posted Apr 1, 2014, 7:24 PM
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Quote:
Originally Posted by chris08876 View Post
This came as a good treat this morning. Wow, pretty cool design. I do hope this will set downtown on fire with a trend of development. Its time for Newark to be the next Jersey City.
Not the next Jersey City. There is a lot of development in different parts of New Jersey. The development in Jersey City is mostly spillover from Manhattan. The development in Newark is also somewhat, to a lesser degree though. There have long been plans to redevelop this particular area of Newark into the arts & cultural district, complete with new residences. It's more of a Newark thing, and although the transportation access is excellent (its midway between Newark Penn and Broad St stations, with a direct connection to either), its not really dependent on proximity or access to Manhattan.
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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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Old Posted Aug 19, 2015, 3:39 PM
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2 years after groundbreaking, Shaq-backed Newark high-rise still mired in delays



By Dan Ivers
August 18, 2015 at 7:15 AM, updated August 19, 2015 at 7:35 AM

Quote:
Today, however, the plot appears much as it did then, with no sign of a tower or any ongoing construction in sight.

The project's high-profile developer, New Brunswick-based Boraie Development LLC, has yet to begin work on the project, located just off Route 21 behind the New Jersey Performing Arts Center.

In a statement, the company said it would begin an "aggressive construction schedule" in October, with hopes of completing the project in 15 to 17 months.

However, Boraie declined to comment or provide details on what caused the lengthy delay following the September 2013 groundbreaking.

"I think like a lot of projects in the city, construction costs rose," he said, though he corroborated Boraie's claims that work was nearly ready to begin.

"They're looking into getting permits now. They're ready to go."

The distinct façade and decorative entryway of the roughly 120-year-old former malt factory and high school would be preserved, with the 26-story glass-and-steel tower rising behind it. Retail shops would inhabit its ground floor, while residents of the 169 apartments above it would be treated to views of the Passaic River and the rest of downtown.

Goldman Sachs is providing the majority of the financing for the project. Prudential Financing also purchased redevelopment bonds offered by the city, and the state's Economic Development Authority awarded the project $23.8 million in Urban Transit Hub tax grants.

It will also benefit from a 30-year tax abatement granted by city officials in April 2013.

All of the units are expected to be priced at market rate, with studios beginning at around $1,400 per month.
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Old Posted Aug 19, 2015, 8:52 PM
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I hope this does happen. Newark is severely underrated, and it needs to boom like JC. Shame it hasn't already with all that's going on to the East.

Quote:
In a statement, the company said it would begin an "aggressive construction schedule" in October, with hopes of completing the project in 15 to 17 months.
This is to be taken lightly. Time tables often presume a speedy construction process, but the reality tends to be much slower. I'd always be cautious and prudent when looking at time tables/schedules. Not just time, but costs. They never seem to hit the targeted budget.
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Old Posted Aug 20, 2015, 2:38 AM
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I hope this happens too, Chris. Boraie just finished an even larger development in New Brunswick, so hopefully resources are focused on this one now.

Here's a better rendering:

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Old Posted Mar 4, 2016, 9:42 PM
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Interior Demo is occuring. Overtime to make way for the tower.


Credit: http://urbanismvsmodernism.blogspot.com/
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Old Posted Mar 10, 2016, 12:40 AM
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Newark will have its time.
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  #13  
Old Posted Oct 27, 2016, 8:20 PM
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Shaq-Backed Highrise Redevelopment Project Finally on the Move in Newark
Quote:
After returning to his beloved hometown of Newark, New Jersey, for the ground breaking ceremony back in 2013, former NBA All Star and acting legend Shaquille O'Neill made local headlines upon the announcement of a large redevelopment project that was to be the first of its kind since 1962.
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Old Posted Feb 3, 2017, 8:52 PM
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The current building is being completely demolished. Kind of confusing, since the latest renderings showed that the tower would use the existing building as a base:
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Old Posted Feb 25, 2017, 8:08 PM
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Old Posted Aug 26, 2017, 6:18 PM
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Under Construction


Credit: apophenic

Last edited by chris08876; Apr 10, 2018 at 11:44 PM. Reason: fixed image not showing
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  #17  
Old Posted Apr 10, 2018, 10:43 PM
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https://www.njtvonline.org/news/vide...rks-milestone/

‘Shaq Tower’ in downtown Newark marks a milestone


BY Michael Hill
April 10, 2018


Quote:
“In 1992, me and my mother were visiting relatives, and my mother says to me, ‘I remember when the city used to be beautiful, somebody needs to come by and invest in the city and make it beautiful again. Then, she gave me that big elbow to the chest like I’m that somebody ,” said Newark native and NBA Hall of Famer Shaquille O’Neal.

O’Neal is making good on that nudge. He returned home to celebrate the topping off, that is, the completing of the top floor of his 20-some-story, 168-market-rate apartment and retail building on Rector Street.

The governor thanked O’Neal for never forgetting where he came from, and for helping Newark reach its potential.

“This city is on the rise. Let there be no doubt about it,” said Murphy.

Newark Mayor Ras Baraka says it takes partners.

“Without state support and state help, most of these projects that we see in the city of Newark don’t go up. It is a great day when you get to collaborate to actually have buildings happening and not just groundbreakings,” said Baraka.

The mayor and Goldman Sachs, which helped to finance the tower and a city movie theater a few years ago, said Newark is attractive to deep-pocket investors.

“What it taught us is that you want to work with partners who are not just going to do the glassy towers downtown, but also are willing to do the projects that are in the communities,” said Margaret Anadu, managing director of the Urban Investment Group at Goldman Sachs.


Video Link



Quote:
Shaq Towers offers spectacular views of the area, across the Hudson to Manhattan, and up the Passaic. O’Neal announced another $150 million, 35-story building of 350 market-rate apartments on McCarter Highway, and a business mogul who plans to occupy the top floor.
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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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