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Revitalization Around The Rock


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#841 TheIceDog

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Posted 29 November 2009 - 09:49 AM

Newark really needs to get the Cordish Company involved to redevelope Broad, Market, Raymond and the surrounding area. Look at what they accomplished in downtown Atlantic City with The Walk:

http://www.acoutlets.com

as well as Baltimore's Inner Harbor. In AC they just didn't hit a homerun, they nailed a moon shot grand slam. Now the corridor from the boardwalk to the Convention Center/Train Station is full of retail shops, restaurants, nightclubs, etc., with a third phase of expansion already in progress. Newark needs to bring onboard firms with proven track records and some national chains to replace all the $hitty thrift shops downtown.

Hello? Cory Booker? Hello?
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#842 The Rock 07

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Posted 29 November 2009 - 10:12 AM

Newark really needs to get the Cordish Company involved to redevelope Broad, Market, Raymond and the surrounding area. Look at what they accomplished in downtown Atlantic City with The Walk:

http://www.acoutlets.com

as well as Baltimore's Inner Harbor. In AC they just didn't hit a homerun, they nailed a moon shot grand slam. Now the corridor from the boardwalk to the Convention Center/Train Station is full of retail shops, restaurants, nightclubs, etc., with a third phase of expansion already in progress. Newark needs to bring onboard firms with proven track records and some national chains to replace all the $hitty thrift shops downtown.

Hello? Cory Booker? Hello?

Definitely. They've done good things and are still working on developments even in this economy. I think Newark could be a big thing for them.
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#843 The Rock 07

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Posted 29 November 2009 - 09:50 PM

Just watching the Nets game and they're showing this LA Live complex next to the Staples Center. Man its pretty awesome. LA Live
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#844 QuadeConnolly

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Posted 30 November 2009 - 01:26 PM

I whipped up a quick Christmas List for Newark. Feel free to add your two cents/Newark wish list here.
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#845 thiswontwork

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Posted 30 November 2009 - 01:51 PM

I already jumped in on quade's list but block is being bitter about the whole Cogswell thing. The article is a bit misleading in the buildings in question. I had to read it 5 times but if I'm correct this merely a dispute in regard to an advance taken to complete an acquisition of parcels (either the theater building between beaver and broad on market or the first two buildings on market when walking from mulberry to broad. As I posed in the WiredNewYork forum, this is the result of developers grabbing everything they could and now having to reduce inventory during a recession. Ultimately either lots will be sold or developed as long as the numbers make sense. Right now, the asking price for the retail is two high and that is causing pause for people to come in and pay for a whole build out. That being said, every day that Brick City does well justifies someone will capital to invest in a project either on Edison or on Market.
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#846 QuadeConnolly

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Posted 30 November 2009 - 04:43 PM

I already jumped in on quade's list but block is being bitter about the whole Cogswell thing. The article is a bit misleading in the buildings in question. I had to read it 5 times but if I'm correct this merely a dispute in regard to an advance taken to complete an acquisition of parcels (either the theater building between beaver and broad on market or the first two buildings on market when walking from mulberry to broad. As I posed in the WiredNewYork forum, this is the result of developers grabbing everything they could and now having to reduce inventory during a recession. Ultimately either lots will be sold or developed as long as the numbers make sense. Right now, the asking price for the retail is two high and that is causing pause for people to come in and pay for a whole build out. That being said, every day that Brick City does well justifies someone will capital to invest in a project either on Edison or on Market.



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...)
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#847 thiswontwork

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Posted 30 November 2009 - 05:30 PM

Commercial Real Estate is a tricky game and typically gets treated like an asset class in ones 401k portfolio. Newark was unique in that alot of key properties were owned by a few individuals even prior to Cogswell coming in (he bought the Chambers portfolio- I think it was called the new newark foundation). Right now it's going to take owners that actualy are willing to take the risk in the properties (like a Stern or Hanini) and a bank or Investor willing to back them. Once that is paired up you would need the subsidies to do a high profile project (ie Large project almost immediately require union workers which in tern requires tax credits, infastructure pledges ect to make it work). I would be surprised to see anything start in 2010 but 2011 should see the start of Dranoffs project, The hotel and even Seton Hall. Right now the large banks that can actually finance these projects and turn them into securities are building up war chest in their loan loss reserves. In the near future they will be forced to put that back into income and therefore reinvest it. As for the pace of everything else, It's going to take micro retailers that make the area trenady first. Once that retail is self sustaining you will see the ability of a big box store to come in and make it work.
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#848 QuadeConnolly

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Posted 30 November 2009 - 05:37 PM

Commercial Real Estate is a tricky game and typically gets treated like an asset class in ones 401k portfolio. Newark was unique in that alot of key properties were owned by a few individuals even prior to Cogswell coming in (he bought the Chambers portfolio- I think it was called the new newark foundation). Right now it's going to take owners that actualy are willing to take the risk in the properties (like a Stern or Hanini) and a bank or Investor willing to back them. Once that is paired up you would need the subsidies to do a high profile project (ie Large project almost immediately require union workers which in tern requires tax credits, infastructure pledges ect to make it work). I would be surprised to see anything start in 2010 but 2011 should see the start of Dranoffs project, The hotel and even Seton Hall. Right now the large banks that can actually finance these projects and turn them into securities are building up war chest in their loan loss reserves. In the near future they will be forced to put that back into income and therefore reinvest it. As for the pace of everything else, It's going to take micro retailers that make the area trenady first. Once that retail is self sustaining you will see the ability of a big box store to come in and make it work.



Phew... Heady stuff. I will stick to stuffing my fat face.
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#849 thiswontwork

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Posted 30 November 2009 - 06:08 PM

Look at the bright side, Newark is great for stuffing our faces. I got to bring distance relatives as well as a guy from brazil out to Fernandez on Friday and that worked out terrific. Even the Brazilian guy couldn't believe it.
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#850 QuadeConnolly

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Posted 01 December 2009 - 04:28 PM

Look at the bright side, Newark is great for stuffing our faces. I got to bring distance relatives as well as a guy from brazil out to Fernandez on Friday and that worked out terrific. Even the Brazilian guy couldn't believe it.



Fernandes is great. And there's so many other places that warrant mention. I can't wait to take a day off from work and spend it on gluttony around town.
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#851 block921

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Posted 04 December 2009 - 03:05 PM

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.fieldofsc...arena_bond.html

Edited by block921, 04 December 2009 - 03:14 PM.

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#852 thiswontwork

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Posted 05 December 2009 - 12:35 PM

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.fieldofsc...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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#853 newarkdev01

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Posted 14 December 2009 - 03:37 PM

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

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Posted 14 December 2009 - 07:31 PM

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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#855 ZeroGravityFat

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Posted 15 December 2009 - 07:42 AM

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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#856 newarkdev01

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Posted 15 December 2009 - 01:21 PM

That's rather disappointing. I was really hoping for something neat...on a side note I came across this PHILLY BAR which was a pretty cool devils themed bit, http://www.devilsalleybarandgrill.com/
I really am holding out for another restuarant on Edison which would be clutch.
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#857 newarkdev01

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Posted 15 December 2009 - 01:24 PM

Defintley missed this thread on it

http://www.njdevs.co...showtopic=51800

Oh well, I am still waiting on the Microbrew joint to open.
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#858 DaneykoIsGod

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Posted 15 December 2009 - 10:53 PM

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


Link?
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#859 sammyk

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Posted 16 December 2009 - 05:21 PM

Link?


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

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Posted 16 December 2009 - 06:27 PM

To be fair Sammy, I couldn't find pics on their website so I was hoping for a link as well.
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