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- - NEWARK, N.J. | 40 Rector St | FT | 23 FLOORS (https://skyscraperpage.com/forum/showthread.php?t=210504)

Hypothalamus

Mar 31, 2014 8:36 PM

NEWARK, N.J. | 40 Rector St | FT | 23 FLOORS

NJ.com:

Shaq comes back to Newark to break ground for city's first high-rise apartment in more than 50 years
By Tom De Poto/The Star-Ledger
on September 27, 2013 at 4:41 PM

http://imgick.nj.com/home/njo-media/...34cf246e9a.jpg
John Munson/The Star-Ledger

Quote:

Standing a full head taller than 6’-3” Newark Mayor Cory Booker, NBA legend Shaquille O’Neal broke ground today on the city’s first high-rise apartment since 1962.

O’Neal plans to convert the former Science High School building into a 23-story, 169-unit apartment tower with retail space on the ground floor. He is working in partnership with New-Brunswick-based Boraie Development, which has helped construct more than 1 million square feet of residential and retail buildings in New Jersey and partnered with O’Neal to give Newark its first movie theater in decades.

Wasseem Boraie, vice president at Boraie Development, said his company wanted to lay to rest the perception that “the only thing that works in Newark is affordable housing and government-sponsored projects. We didn’t believe that. The more we got into the city, the more we believed that high quality retail, high quality residential is more than possible in Newark.”

Most of the units will rent for market price, ranging from $1,400 for a studio, to $2,200 for a two-bedroom, Boraie said.

He said construction is expected to begin in the spring and the project is slated to be completed by mid-2015.

[...]

http://i.imgur.com/pr96N99.jpg?1?5476
©CBS New York

As of March 27th, 2014...

The rear access. Soil testing has occurred recently to prepare for the project.
http://3.bp.blogspot.com/-J8gn8MevHV...0/SAM_2995.JPG

http://1.bp.blogspot.com/-_woDFCURox...0/SAM_2993.JPG
©Brandon Nagle at UvM

More of what will be restored:
As of March 25th, 2014...

https://farm3.staticflickr.com/2934/...1dc84d16_b.jpg
©Brick_City on Flickr

Crawford

Mar 31, 2014 8:59 PM

Looks good, and hopefully this is the first of many for Newark.

With the transit to Manhattan, and Whole Foods, it should be pretty easy to entice younger people into transit-oriented development around Newark's rail stations.

C.	Mar 31, 2014 9:24 PM

This is desperately needed in Newark. Go forth and gentrify!

C.	Mar 31, 2014 9:34 PM

Google mapped the area.

40 Rector, Newark, NJ.

It's a 15 minute walk to Newark Penn and pretty much a stone throw away from both light rail lines. The rents seem a little high for Newark. You can get the same in Jersey City in a safer neighborhood.

NYguy

Apr 1, 2014 1:14 PM

Thought there was a thread for this one already. But anyway, it joins a growing list of projects in development or already moving forward in Newark.
As far as crime goes, nothing really happens in that area.

http://www.pbase.com/nyguy/image/155059904/original.jpg

http://www.pbase.com/nyguy/image/155059905/original.jpg

http://www.pbase.com/nyguy/image/155059906/original.jpg

http://www.pbase.com/nyguy/image/155059907/original.jpg

chris08876

Apr 1, 2014 2:57 PM

This came as a good treat this morning. Wow, pretty cool design. I do hope this will set downtown on fire with a trend of development. Its time for Newark to be the next Jersey City. :cheers:

NYguy

Apr 1, 2014 7:24 PM

Quote:

Originally Posted by chris08876 (Post 6521201)

This came as a good treat this morning. Wow, pretty cool design. I do hope this will set downtown on fire with a trend of development. Its time for Newark to be the next Jersey City. :cheers:

Not the next Jersey City. There is a lot of development in different parts of New Jersey. The development in Jersey City is mostly spillover from Manhattan. The development in Newark is also somewhat, to a lesser degree though. There have long been plans to redevelop this particular area of Newark into the arts & cultural district, complete with new residences. It's more of a Newark thing, and although the transportation access is excellent (its midway between Newark Penn and Broad St stations, with a direct connection to either), its not really dependent on proximity or access to Manhattan.

Hypothalamus

Aug 19, 2015 3:39 PM

2 years after groundbreaking, Shaq-backed Newark high-rise still mired in delays

http://media.nj.com/essex_impact/pho...446ec2f8b5.jpg

By Dan Ivers
August 18, 2015 at 7:15 AM, updated August 19, 2015 at 7:35 AM

Quote:

Today, however, the plot appears much as it did then, with no sign of a tower or any ongoing construction in sight.

The project's high-profile developer, New Brunswick-based Boraie Development LLC, has yet to begin work on the project, located just off Route 21 behind the New Jersey Performing Arts Center.

In a statement, the company said it would begin an "aggressive construction schedule" in October, with hopes of completing the project in 15 to 17 months.

However, Boraie declined to comment or provide details on what caused the lengthy delay following the September 2013 groundbreaking.

"I think like a lot of projects in the city, construction costs rose," he said, though he corroborated Boraie's claims that work was nearly ready to begin.

"They're looking into getting permits now. They're ready to go."

The distinct façade and decorative entryway of the roughly 120-year-old former malt factory and high school would be preserved, with the 26-story glass-and-steel tower rising behind it. Retail shops would inhabit its ground floor, while residents of the 169 apartments above it would be treated to views of the Passaic River and the rest of downtown.

Goldman Sachs is providing the majority of the financing for the project. Prudential Financing also purchased redevelopment bonds offered by the city, and the state's Economic Development Authority awarded the project $23.8 million in Urban Transit Hub tax grants.

It will also benefit from a 30-year tax abatement granted by city officials in April 2013.

All of the units are expected to be priced at market rate, with studios beginning at around $1,400 per month.

chris08876

Aug 19, 2015 8:52 PM

I hope this does happen. Newark is severely underrated, and it needs to boom like JC. Shame it hasn't already with all that's going on to the East.

Quote:

In a statement, the company said it would begin an "aggressive construction schedule" in October, with hopes of completing the project in 15 to 17 months.

This is to be taken lightly. Time tables often presume a speedy construction process, but the reality tends to be much slower. I'd always be cautious and prudent when looking at time tables/schedules. Not just time, but costs. They never seem to hit the targeted budget.

Hypothalamus

Aug 20, 2015 2:38 AM

I hope this happens too, Chris. Boraie just finished an even larger development in New Brunswick, so hopefully resources are focused on this one now.

Here's a better rendering:

http://i.imgur.com/tYG4nxk.jpg?1

chris08876

Mar 4, 2016 9:42 PM

Interior Demo is occuring. Overtime to make way for the tower.

https://1.bp.blogspot.com/-POBky0nt9...0/DSCN4251.JPG
Credit: http://urbanismvsmodernism.blogspot.com/

jayden

Mar 10, 2016 12:40 AM

Newark will have its time.

hotwheels

Oct 27, 2016 8:20 PM

Shaq-Backed Highrise Redevelopment Project Finally on the Move in Newark

Quote:

After returning to his beloved hometown of Newark, New Jersey, for the ground breaking ceremony back in 2013, former NBA All Star and acting legend Shaquille O'Neill made local headlines upon the announcement of a large redevelopment project that was to be the first of its kind since 1962.

Hamilton

Feb 3, 2017 8:52 PM

The current building is being completely demolished. Kind of confusing, since the latest renderings showed that the tower would use the existing building as a base: http://i.imgur.com/togGShF.jpg

chris08876

Feb 25, 2017 8:08 PM

https://1.bp.blogspot.com/-FXUHQrY0Z...0/SAM_0868.JPG
Credit: urbanvsmodernism

chris08876

Aug 26, 2017 6:18 PM

Under Construction

https://discourse-cdn-sjc1.com/busin...29abeb73c1.jpg
Credit: apophenic

NYguy

Apr 10, 2018 10:43 PM

https://www.njtvonline.org/news/vide...rks-milestone/

‘Shaq Tower’ in downtown Newark marks a milestone

BY Michael Hill
April 10, 2018

Quote:

“In 1992, me and my mother were visiting relatives, and my mother says to me, ‘I remember when the city used to be beautiful, somebody needs to come by and invest in the city and make it beautiful again. Then, she gave me that big elbow to the chest like I’m that somebody ,” said Newark native and NBA Hall of Famer Shaquille O’Neal.

O’Neal is making good on that nudge. He returned home to celebrate the topping off, that is, the completing of the top floor of his 20-some-story, 168-market-rate apartment and retail building on Rector Street.

The governor thanked O’Neal for never forgetting where he came from, and for helping Newark reach its potential.

“This city is on the rise. Let there be no doubt about it,” said Murphy.

Newark Mayor Ras Baraka says it takes partners.

“Without state support and state help, most of these projects that we see in the city of Newark don’t go up. It is a great day when you get to collaborate to actually have buildings happening and not just groundbreakings,” said Baraka.

The mayor and Goldman Sachs, which helped to finance the tower and a city movie theater a few years ago, said Newark is attractive to deep-pocket investors.

“What it taught us is that you want to work with partners who are not just going to do the glassy towers downtown, but also are willing to do the projects that are in the communities,” said Margaret Anadu, managing director of the Urban Investment Group at Goldman Sachs.

• Video Link

Quote:

Shaq Towers offers spectacular views of the area, across the Hudson to Manhattan, and up the Passaic. O’Neal announced another $150 million, 35-story building of 350 market-rate apartments on McCarter Highway, and a business mogul who plans to occupy the top floor.

chris08876

May 30, 2019 7:53 PM

COMPLETE

Developers set date for $80M Newark ‘Shaq Tower’ opening

https://expo.advance.net/img/bbcf46e..._rector11.jpeg

Quote:

New Brunswick-based Boraie Development and Newark native and former National Basketball Association superstar Shaquille O’Neal have set June 20 as the date for the opening of their $80 million rental project in downtown Newark, NJ.com reported. The joint venture behind the so-called Shaq Tower, also known as One Rector Street, plans to deliver 168 units and 20,000 square feet of retail space. Studios in the building are starting at $1,800 a month, one-bedrooms at $1,950 and two-bedrooms at $2,700. Multiple outlets reported that the project is the first market-rate high-rise in Newark in more than a half-century. The site of the Shaq Tower, also known as 50 Rector Park, once was occupied by a brewery built around 1860. The property subsequently housed a succession of local colleges and the Science Park High School, the latter of which left the site in 2013 and was demolished two years ago. According to ROI-NJ, New York-based general contractor Gilbane Building Company was tapped to serve as project manager for the Shaq Tower, and Boraie and O’Neal are also at work on another $150 million, 350-unit tower near the Ironside Newark development, according to ROI-NJ. The Real Deal reported in 2013 that O’Neal and Boraie, founded by Egyptian immigrant Omar Boraie, were also joint venture partners on an Atlantic City project that would include market-rate housing, a theater and street-level retail. Boraie debuted its roughly $85 million Beach at South Inlet mixed-use project in Atlantic City last year.

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