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."

 

About the Author

Most Popular

  1. A man wearing a suit and tie holds an American flag at a naturalization ceremony.
    Life

    The New Geography of American Immigration

    The foreign-born population has declined in U.S. states that voted Democratic in 2016, and increased in states and metros that voted for Trump.

  2. Uber Eats worker
    Life

    The Millennial Urban Lifestyle Is About to Get More Expensive

    As WeWork crashes and Uber bleeds cash, the consumer-tech gold rush may be coming to an end.

  3. a photo of a semi-autonomous dockless scooter
    Transportation

    One Way to Keep the Sidewalk Clear: Remote-Controlled Scooter-Bots

    A new mobility technology company called Tortoise promises to bring semi-autonomous scooters and e-bikes to market. Why?

  4. A woman stands in front of a house.
    Life

    How Housing Wealth Transferred From Families to Corporations

    The Great Housing Reset has led to growing numbers of single-family homes shifting from owner-occupied housing to investment vehicles for large corporations.

  5. Transportation

    A Micromobility Experiment in Pittsburgh Aims to Get People Out of Their Cars

    The Pittsburgh Micromobility Collective will create all-in-one mobility hubs near transit stops, to compete with Uber and Lyft and help commuters go car-free.

×