The Rock 07

Revitalization Around The Rock

1,382 posts in this topic

You're more in the know about things like this than I am, but I feel like, more than anything, there's just this logjam/stalemate/game of chicken being played in regard to selling property in the downtown area. Are the current owners just too stubborn to be the first to sell, risking the loss of a lot more money down the line as land is redeveloped and property values climb (similar to the renaissance in Hoboken and areas of Brooklyn, etc), or is that a gross oversimplification of things? (In addition to the Cogswell mess...)

Its 2 fold, one the current tenants/owners say they have been there for decades so why should they move and lose their land that was handed from previous generations. Two owners know what a huge deal rebuilding the arena would mean for the city so they want top dollar which there isn't a budget for and current redevelopment plans can't afford to pay out without cutting corners or raising the costs of the new properties to be on par with New York or even higher. Thus we are stuck in a stalemate till the economy implodes and there is no interest in the lands and then they can bought for cheap. OR one by one owners slowly fold and take the money but that could take YEARS if not decades and you will end up with patchwork developments that don't fit together

At anyrate it looks like Ratner got his bonds which is one more nail in the coffin of nets to newark: http://www.fieldofschemes.com/news/archives/2009/12/3940_nets_arena_bond.html

Edited by block921

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Its 2 fold, one the current tenants/owners say they have been there for decades so why should they move and lose their land that was handed from previous generations. Two owners know what a huge deal rebuilding the arena would mean for the city so they want top dollar which there isn't a budget for and current redevelopment plans can't afford to pay out without cutting corners or raising the costs of the new properties to be on par with New York or even higher. Thus we are stuck in a stalemate till the economy implodes and there is no interest in the lands and then they can bought for cheap. OR one by one owners slowly fold and take the money but that could take YEARS if not decades and you will end up with patchwork developments that don't fit together

At anyrate it looks like Ratner got his bonds which is one more nail in the coffin of nets to newark: http://www.fieldofschemes.com/news/archives/2009/12/3940_nets_arena_bond.html

On the positive side to the gloom and doom the various different foreclosures and property swaps are driving down prices for a lot of things including bars. I noticed that Guitar bar was put up for sale (that puts it at about 10 different bars I know of in the Ironbound or Downtown for sale). This drop in price should open up to new enthusiastic owners so I am looking forward to that. This is a sort of natural cycle so Im fine with it, it allows for places like Hells Kitchen to exist.

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Hey does anyone have pictures of the new bar in the arena, I haven't gone yet and was curious.

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The New bar pics can be seen at the Devils website. Its pretty cool since before that it was just blank....to bad im not old enough to drink....legally lol

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that new 'bar' is just a stand, i was pretty confused as to where the rest was. still better selection of beers right next to my seat.

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The New bar pics can be seen at the Devils website.

Link?

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Link?

You don't know how to get to the Devils website?

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On the positive side to the gloom and doom the various different foreclosures and property swaps are driving down prices for a lot of things including bars. I noticed that Guitar bar was put up for sale (that puts it at about 10 different bars I know of in the Ironbound or Downtown for sale). This drop in price should open up to new enthusiastic owners so I am looking forward to that. This is a sort of natural cycle so Im fine with it, it allows for places like Hells Kitchen to exist.

http://www.nj.com/business/index.ssf/2009/12/study_says_newark_is_fifth-mos.html

Yeah right,

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Block,

Thats a pretty open study they did and does not factor the cost of the subsidies that are put in place for bringing employees to either the state or to the city. I have seen Stephan Pryor show studies showign the cost per a square food being much lower than the national standard when factored in. Either way these studies are flawed as once a company begins to look at locating or relocating the factors that bring someone to Newark are the Port, Airport, Highways or proximity to New York and then the subsidies and negotiations begin.

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So I was noticing that we keep having this sort of variety popping up, maybe we should have a section for just Newark questions, weathe that be restaurants, parking or development stuff. I have noticed 2-3 variations of both the parking and food threads.

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Or we could have one thread that's kept pinned with links to all the Newark stuff.

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I would be fine with that too, certainly would save me time when I am trying to remember stuff I saw here. Also, a guy I have seen post on the boards Geoff Bailey sent out a flyer with sales that took place in Newark. I nearly spit my lunch when I saw that that Micro bre building went for over a Mil.

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I kind of like the idea of a Newark subforum, or at least an all Newark thread that is pinned, especially since MSweet just pinned the "Food Around the Rock" thread earlier today.

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Well that has my vote as well. Like I said, it's just easier than looking through all the threads each time and I think would kill the multiple threads on the same item.

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Here's something that will actually go a long way to improve Downtown Newark. NJ.com The city has banned any new or altered obnoxious vinyl signs. As with the building the article shows on Broad Street, this new law encourages those buildings to be renovated and more upscale tenants attracted. Then the article said that in the spring the city will offer grants to renovate those buildings.

Edited by The Rock 07

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I was at the Rock today for a NRBP function and Gifane (I'm not sure how to spell it) had some interesting notes. Apparently the Devils have started on both their bars (on in the Parking garage and another on Edison St). The part I liked is that they have been saying the same time frame all along which seems to be the 4 Quarter of this year. The other part was Edison Parking talking about triangle park or more specifically the pedestrian bridge they are trying to get done. All in all pretty cool stuff.

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Oh two other things. Both of the planned new restuarants are looking to be burger bee joints. Also Gilfane referenced the "beig development on Broad and Lafayett that they had comming (I assume the Tucker Hotel) but made it sound like a big secret. Also I was talking to some of the City's people and there is plans for a hotel on Edison that do not involve Edison parking so that should be interesting.

Edited by newarkdev01

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I was at the Rock today for a NRBP function and Gifane (I'm not sure how to spell it) had some interesting notes. Apparently the Devils have started on both their bars (on in the Parking garage and another on Edison St). The part I liked is that they have been saying the same time frame all along which seems to be the 4 Quarter of this year. The other part was Edison Parking talking about triangle park or more specifically the pedestrian bridge they are trying to get done. All in all pretty cool stuff.

Glad that things are moving. Fourth quarter 2010... ok so Opening Night is their target. Anything on the buildings on Edison or the Marriott on Broad? Previously the people at Blau and Berg had said that Edison Place was supposed to start in January. Any more details on Edison Parking/ Triangle Park?

Thanks for the updates!

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Glad that things are moving. Fourth quarter 2010... ok so Opening Night is their target. Anything on the buildings on Edison or the Marriott on Broad? Previously the people at Blau and Berg had said that Edison Place was supposed to start in January. Any more details on Edison Parking/ Triangle Park?

Thanks for the updates!

Basically the Triangle Park concept will sit for while because that's all owned by Edison who would only give that up for a arm and a leg (otherwise known as a huge tax credit or subsidy). The focus seems to be on building on their lot on the Ironbound side across from the old RR tressel so that they would be a centerpiece for that area. Gilfane refered Levy looking into possiblities for the Blauberg represented building but I think that will be when they sell or lease it.

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