NJPAC Seeks Private Development Partner for 'Two Center Street'
New Upscale Housing, Retail Space and Major Parking Structure Envisioned for
Arts Center Environs
NEWARK, N.J., March 16 /PRNewswire/ -- The New Jersey Performing Arts Center announced its first major expansion since its opening in 1997: the issuance of an RFEI (Request for Expressions of Interest) seeking a private development partner for Two Center Street, a 1.2 acre site adjacent to the Arts Center in downtown Newark. Following more than two years of pre-development activity with a team of nationally-recognized advisors in urban real estate, planning, design and finance, NJPAC is poised to take the next series of steps to advance its original Master Plan to enhance the Arts Center's physical surroundings and accelerate the revitalization of Newark's downtown. "This is an historic moment for NJPAC and Newark," said Lawrence P. Goldman, NJPAC's President and CEO. "Our mission, since the earliest days of planning, has been for the Arts Center to help create a vibrant, round-the-clock environment in the Newark Arts District. The only missing ingredient is market-rate residential and higher-end retail opportunities right in the heart of the downtown -- only steps away from the Arts Center itself. After eight years of successfully operating an internationally-acclaimed cultural facility, we are ready to build upon NJPAC's achievements and infuse new life, living and commerce into this great American city." Two Center Street is envisioned to include a residential community of at least 250 units (in low, mid and high-rise settings -- 20% of which will be set aside for artists), 30,000 square-feet of street-level retail and cultural uses (including restaurants, cafes, shops, galleries and related uses) and structured parking for over 700 cars to serve the shared needs of the residential community as well as those of NJPAC's audiences and daytime commercial demand. Support for a portion of pre-development activities has been provided by Bank of America and The MCJ Foundation. Through the RFEI, NJPAC is soliciting the submission of qualifications and expressions of interest from high-quality potential development partners with proven experience in first-class, high-rise and complex developments in major urban settings. Developers must have a demonstrable commitment to excellence in planning and design, an established record of financial stability and success, a record of integrity and trustworthiness and a basic sensibility in harmony with NJPAC's multi-layered mission.
SOURCE New Jersey Performing Arts Center
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