Leon Cooperman invests in Newark nonprofits for community revival

Leon Cooperman, an 81-year-old hedge fund investor, has committed $20 million to the New Jersey Performing Arts Center (NJPAC) in Newark to establish the Cooperman Family Arts Education and Community Center. This initiative aims to transform a currently underutilized area filled with parking lots into a vibrant neighborhood featuring retail, dining, and housing. The total cost of the project is estimated at $70 million, with additional funding sourced from tax credits and a capital campaign that has raised nearly a quarter billion dollars. Cooperman's philanthropic efforts are driven by his desire to support healthcare and inner-city education, reflecting his commitment to giving back to the community. He believes in applying the same strategic approach to philanthropy that he used to achieve success in the stock market. The new center will provide educational opportunities in various arts disciplines, including theater, hip hop, and jazz, catering to students from both local and distant areas. While many view this development as a positive step towards revitalizing Newark, concerns about potential gentrification have been raised. Local residents, like Taqull Williams, express the need for community involvement in the growth process to ensure that existing populations are not displaced. NJPAC's leadership acknowledges these concerns but emphasizes that the development will occur in currently unpopulated areas, aiming to avoid the pitfalls of gentrification seen in other cities. The NJPAC has been a cultural hub in Newark since 1997, and Cooperman's investment is seen as a catalyst for further development in the downtown area. The anticipated opening of the new center in 2027 is expected to significantly impact the local community, providing much-needed resources and opportunities for artistic expression and education.