Reuters

Despite losing the Nets, the city's downtown is getting great press.

The New Jersey Nets are about to move to Brooklyn. But remarkably, their former home isn't taking much of a hit.

As the Wall Street Journal reports, downtown Newark is on the upswing, with hundreds of millions of dollars in new development. This includes a Courtyard by Marriott hotel (the first hotel to be built downtown in 40 years), a mixed-use development nearby, and Hotel Indigo (a former bank building).

Panasonic Corporation will also be moving its North America headquarters to downtown Newark in 2013, into a swank new 340,000-square foot facility. And then, there's a slew of new restaurants. The deputy mayor told the Journal that this is part of a broader development plan:

"What we want is to have our downtown to be a vibrant 24/7 downtown, not just a business district where people leave at 5 o'clock," said Newark Deputy Mayor Adam Zipkin, who is the city's director of economic and housing development. "We are now starting to see that happen."

 

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