50 Rector Park

50 Rector Park is an apartment building in Newark, New Jersey, the first market rate residential high-rise to be newly built in the city since 1962. Originally called One Riverview and later 1 Rector Street, there was a groundbreaking in 2013, but construction did not begin at the site until the spring of 2017. It was topped out in April 2018 and opened June 2019.[5]

50 Rector Park
50 Rector Park
General information
StatusCompleted
Typeluxury high rise apartments
Location50 Rector Street
Newark, New Jersey
Coordinates40.740169°N 74.167076°W / 40.740169; -74.167076
Construction started
2017 (construction start)
CompletedJune 14, 2019
OpeningJune 2019
Cost$79 million USD
ManagementBoraie Development
Height
Antenna spireno
Roof90.25 m (296.1 ft)
Technical details
Floor count22
Lifts/elevators4
Design and construction
Architect(s)Costas Kondylis
DeveloperBoraie Development
Website
https://www.50rectorpark.com/
References
[1][2][3][4]

Location

50 Rector Park is adjacent to the New Jersey Performing Arts Center (NJPAC) and next to the center's education facility at 24 Rector Street in Downtown Newark. It is near McCarter Highway, across from which is Newark Riverfront Park on the Passaic River. The NJPAC-Center Street station of the Newark Light Rail is a block away; Newark Penn Station is a few short blocks away.

The building is seen as a major boost to the Newark's Living Downtown Plan,[6] 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 a renovated Military Park and nearby Washington Park. Other projects include the adaptive re-use of the American Insurance Company Building, the former flagship department store of Hahne and Company, the New Jersey Bell Headquarters Building, and the new construction of One Theater Square, among others.

Design

The complex was originally planned to incorporate an historic six-story building that was once part of Ballantine Brewery.[7] It was later used by the University of Newark then two years later the NJ Law School joined, becoming Rutgers School of Law[8] and until 2006 the city's Science High School.

A new 26-story high-rise was to be built adjacent to it, incorporating the landmark, but the brewery/school building was eventually demolished.[9][10] The new building has 169 rental units and 7,640 square feet of ground floor retail space as well 117 tenant parking spaces.[11]

Developers

50 Rector Park is a collaboration by Newark native Shaquille O'Neal and New Brunswick-based Boraie Development.[12][13] The project received a New Jersey Economic Development Authority Urban Transit Hub Tax Credit and the Municipal Council of Newark adopted a resolution for $5 million tax credit in February 2013.[14][15] Goldman Sachs has provided financing, while Newark-based Prudential Financial bought re-development area bonds issued by the city. The One Riverview project initiated work in September 2013.[2][3][4] O'Neal has stated that he plans to move into the top floor when the tower is completed and that he would then like his "mother to come back here and just smile".[16][17]

See also

References
  1. "50 Rector Park". Emporis. Archived from the original on January 7, 2014. 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". The 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. Archived from the original on January 7, 2014. Retrieved 2013-12-08.
  5. Yi, Karen; Economopoulos, Aristide (May 22, 2019). "Shaq is building an $80M tower with NYC views in his N.J. hometown. We got a look inside". NJ.com.
  6. "Newark The Living Downtown Development Plan" (PDF). City of Newark. 2008. Archived from the original (PDF) on 2013-12-11. 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.
  7. "Ballantine Timeline - Pre-Prohibition". Retrieved 2013-12-08.
  8. "Buildings". About the School. Rutgers School of Law. Retrieved 2013-12-08.
  9. Kofsky, Jared (April 10, 2018). "Shaquille O'Neal's Newark Tower Tops Off". Jersey Digs.
  10. "One Rector Street, Newark | 337954 | EMPORIS". www.emporis.com. Archived from the original on July 25, 2018.
  11. 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.
  12. Martin, Antoinette (August 15, 2008). "A Native Son's Plans for Newark". The New York Times.
  13. Shearn, Ian T. (August 2008). "Newark Clear O'Neal Condo Plan". The Star-Ledger. Retrieved 2014-03-04.
  14. "Rector St. Resolution for LFB Application". City of Newark. February 20, 2013. Retrieved 2013-12-31.
  15. "Urban Transit Hub Tax Credit Program Approved Projects" (PDF). New Jersey Department of Economic Development. 2013. Archived from the original (PDF) on 2013-12-30. Retrieved 2013-12-08.
  16. Slowey, Kim (December 17, 2015). "Shaquille O'Neal assists launch of NJ construction training program". Construction Dive. Retrieved June 14, 2016.
  17. Ivers, Dan (December 16, 2015). "Shaq sits down to talk Newark roots, real estate ventures". NJ.com. Retrieved June 14, 2016.
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