“This agreement is the culmination of a very deliberate developer selection process,” said Lawrence P. Goldman, NJPAC’s President and CEO. “Dranoff Properties, Inc. is a recognized trendsetter in the revitalization of urban neighborhoods. We knew very quickly that they understood the Arts Center’s abiding mission to build on its own success and create vibrant round-the-clock living in downtown Newark. We expect great things from this new partnership. This moves us one major step closer to fulfilling NJPAC’s mission-based destiny – to create a million and a half square feet of high quality, mixed-used development around Theater Square.”

Two Center Street is envisioned to include a residential community of at least 250 units (in low, mid and high-rise settings -- 20% of which will be set aside for artists), 30,000 sf of street-level retail and cultural uses (including restaurants, cafes, shops, galleries and related uses) and structured parking for over 750 cars to serve the shared needs of the residential community as well as those of NJPAC’s audiences and daytime commercial demand. Support for a portion of pre-development activities has been provided by Bank of America, The MCJ Foundation and the City of Newark through an Urban Enterprise Zone loan.

“Two Center Street represents a dream project that draws upon our extensive, mixed-use experience in developing arts and cultural districts that transform neighborhoods into vibrant communities,” says Carl E. Dranoff, Founder and CEO of Dranoff Properties. “Our mission is to create a towering triumph for the City of Newark that will serve as a hub for the arts, and a complete live, work, shop and play community, just as we have accomplished in other areas of the country.”

In Philadelphia, Dranoff Properties’ Symphony House opened this June as the City’s most successful condominium tower ever. The 32-story Symphony House, which is located steps from Philadelphia’s Kimmel Center for the Performing Arts, incorporates a 365-seat Broadway-quality theater, 163 luxury condominium residences, two restaurants, a public and private garage, as well as an entire floor of world-class amenities, including a 65-foot lap pool, spa, fitness center, wine tasting facility, library, clubroom and two dining salons with private catering kitchens. In Camden, NJ, Dranoff Properties is working to transform 22 waterfront acres into a dynamic neighborhood that incorporates more than 1,200 new residential units and 150,000 sf of retail, dining and entertainment, along with open space and parks. Dranoff has already completed Phase I, the adaptive reuse of the former RCA Victor headquarters into 341 luxury loft apartments, now over 95% leased. For his work, Dranoff has been cited by Drexel University as a “nationally recognized civic leader . . . whose work has brought a renewed sense of history to Philadelphia and urban Americans throughout the country.”

“Since opening in 1997, the New Jersey Performing Arts Center has become both a dynamic cultural center of national stature as well as a leading symbol of Newark’s redevelopment efforts,” said Gary Rose, Chief of the Governor’s Office of Economic Growth. “The proposed development of Two Center Street is another step forward in creating an exciting and vibrant downtown in our State’s largest city. We welcome this partnership between NJPAC and Dranoff properties and look forward to working with both parties to bring continued economic revitalization to the City of Newark.”

“This is very good news for NJPAC, the City of Newark and the region,” said The Honorable Cory A. Booker, Mayor, City of Newark. “NJPAC is a centerpiece of the downtown revival of the State’s largest and most important City. An active 24/7 neighborhood with mixed uses, together with affordable housing opportunities for artists, will begin to infuse the kind of energy and spirit that must spread throughout the entire downtown of the City. NJPAC’s development plan is among my highest priorities for downtown Newark. We applaud all parties on this agreement and look forward to working closely with them to secure all necessary financing and subsidies to make this shared dream a reality.”

“We extend a warm welcome to Newark to Carl Dranoff and his team,” said The Honorable Mildred C. Crump, President, Newark Municipal Council. “I look forward to working with the Municipal Council in supporting the Two Center Street project in its effort to bring renewed vibrancy to Newark’s downtown arts and historic district. Soon the area adjacent to NJPAC will be bustling with round-the-clock residential and retail activity, just like other great American cities. It’s yet another major step forward for Newark.