One Theater Square is leasing apartments and opening its affordable unit lottery [photos]
Published June 1, 2018 | Brick City Live
Some apartments at One Theater Square, which is located directly across from NJPAC, feature floor-to-ceiling windows. Image courtesy One Theater Square.
Construction workers broke ground for One Theater Square, the first new luxury high-rise to be built in Newark from the ground up in decades, in November of 2016. Less than a year later its developer, Philadelphia-based Dranoff properties, celebrated as the 22-story glass and brick skyscraper was topped off.
Now the mixed-use development is ready to celebrate another milestone, as new residents will begin moving into the building as early as July 16th.
One Theater Square is located in the New Jersey Performing Arts Center complex at the corner of Center Street and Park Place. The $94 million project is two decades in the making–developing residential was part of the original plan for NJPAC, which is celebrating its 20th anniversary this year–and is part of a wave of new residential or mixed-use projects that have come to or are planned for Downtown Newark, including massive rehabs like the Hahne’s Building and brand new buildings like One Rector Street (often referred to as “The Shaq Building”), Riverfront Square at the Bear Stadium site, and others.
The apartment units will feature higher-end fixings, including stainless steel appliances, granite tabletops, high ceilings and large windows, with some corner units boasting floor-to-ceiling windows with panoramic views of the Manhattan Skyline. Many of the units will have balconies.
The new building, which is located steps from the light rail and blocks from Newark Penn Station, Rutgers University, Prudential and other central business district anchors and amenities, is looking to manifest the “live, work, play” philosophy evident in other downtown developments. Its ground floor features 12,000 square feet of commercial space intended for restaurants and shops. (The space is still to be leased.)
In terms of amenities, the building will offer a club room with a full chef’s kitchen that can be reserved by residents, a billiards room with a private terrace, a fitness center complete with a yoga room, and an outdoor space that includes large screen televisions, cushioned seating and outdoor fire pits. Twenty four-hour concierge service will man the building lobby.
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Carl Dranoff, who is CEO of Dranoff Properties, called the building “a bold, new vision of downtown Newark” in a statement.
So how much does it cost?
Market rate apartments, which range in size from 504 to 1,604 square feet and come in one-, two- and three-bedroom layouts, will rent from between $1,775 and $4,100 per month.
The building will also offer 24 affordable units–half of them studio apartments, the other half one-bedrooms–that will range between $738 and $771 per month for candidates who earn between $28,629 and $33,400 per year as individuals, or two-person applications reflecting annual income up to $38,200 total. (One Theater Square broke ground before the passage of Newark’s inclusionary zoning law, which requires a 20 percent affordable housing set aside for new developments with 30 or more units.) Qualified applicants will be selected for the units by a lottery, the application for which is available online. According the online application, preference will be given to applicants who currently live in Newark.
The leasing office is currently showing three model apartments to prospective residents, with move-ins available in July for apartments that are ready, and by the end of August for all apartments.