Newark unveils $336 million housing and arts hub project
- The project aims to build retail space and market-rate apartments next to the New Jersey Performing Arts Center.
- Groundbreaking for the $336 million initiative took place on September 18, 2024, after delays due to the pandemic.
- ArtSide is expected to significantly impact Newark's economy and urban landscape, with hopes of revitalizing the area.
For six years, plans to develop land adjacent to the New Jersey Performing Arts Center in Newark were limited to conceptual designs and discussions. The initiative aimed to create retail spaces and hundreds of market-rate apartments, intending to revitalize a struggling business district while generating revenue to support arts programming. The COVID-19 pandemic initially stalled progress, but a booming real estate market and favorable state tax incentives have reignited the project. On September 18, 2024, New Jersey officials marked the groundbreaking of the $336 million venture, expected to reshape Newark's skyline within three years. This development, known as ArtSide, represents one of the most significant real estate projects in Newark in decades, a city grappling with economic challenges and the threat of gentrification. Mayor Ras J. Baraka expressed optimism, stating that the project would help shift the city's economic focus and improve its overall vitality.