New Newark luxury high-rise apartment building is first completed in 50 years

NEWARK, New Jersey (WABC) -- The ongoing revitalization of downtown Newark received a big boost Wednesday with the grand opening of the first luxury high-rise building completed in decades.

The building on Center Street is the newest addition to Newark's skyline and stands 22 stories tall with trendy amenities.

One Theatre Square sits across from the New Jersey Performing Arts Center and is the first to be built from the ground up in Newark in more than 50 years. It features 245 residential units, four commercial spaces and two dozen affordable housing units.

During a much anticipated ribbon cutting ceremony, Newark Mayor Ras Baraka and developer Carl Dranoff remarked on the challenges the project persevered through since its conception 11 years ago.

"When we broke ground, we said that we would be complete in two years, people were in disbelief, they said we could never get this project done in that period of time," Dranoff said.

Now with 100 units already leased and demand on the rise, both say the property is more than an investment in brick and mortar, it's an investment in the vitality of Newark and just a glimpse of what's to come.

People who live and work nearby say they are anxious to see what's next on the horizon.

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