Fwd: "Science High School Alumni" sent you a message on Facebook...

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From: Facebook
Date: August 9, 2008 12:54:39 PM EDT
To: Metah Genome 
Subject: "Science High School Alumni" sent you a message on Facebook...
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Anthony Diaz sent a message to the members of Science High School Alumni.

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Subject: Curious About whats going on at 40 Rector

Newark clears O'Neal condo plan
High-rise to be first major downtown residence in decades
Page 2 of 1

A development group, with pro basketball superstar Shaquille O'Neal at center, has entered into a contract to construct a 25-story condominium tower in a rebounding downtown Newark.

The $90 million project would become the city's third-highest building, and the first ground-up condominium project in Newark in decades. To be built on the site where the former Science High School stands, just north of the New Jersey Performing Arts Center, it would include 152 high-end units, retail on the ground floor and a parking garage.

On Wednesday, the Newark City Council cleared the way for Boraie O'Neal Urban Development, a partnership that includes two firms and Newark native O'Neal, to become the designated redeveloper of the city-owned property. The purchase price is $2.75 million, its appraised value, minus demolition and cleanup costs up to $1.5 million, according to Stefan Pryor, the city's economic development director.

"I am happy to be involved in such a tremendous project," O'Neal said in a prepared statement. "I've always believed that no success is complete without giving back to the place you call home."

O'Neal grew up in Newark's Central Ward and still has family there that he visits frequently.

"Newark's future is also going to be bright with a lot of new properties and buildings going up," O'Neal told The Star-Ledger last year. "It's going to be a sexy city."

The Phoenix Suns center is the chief executive of the 2-year-old O'Neal Group, a real estate firm with an emphasis on urban redevelopment. Its most prominent project to date is the Metropolitan in downtown Miami, a mammoth, three-tower condominium complex that is two-thirds built. One of the towers, at 67 stories, is the largest building south of New York City.

"Shaquille and our company believe in downtowns, but we also believe in neighborhoods," said O'Neal Group chief operating officer Wayne Garnes. "The (Newark) administration and council is equally committed. That's why we're doing this."

The bold announcement comes at a time when most development projects in New Jersey and beyond have been put on hold, or scrapped altogether, because of a sluggish economy, tight credit markets and skyrocketing construction costs. And whether the city is ready for high-end condos is a matter of frequent debate in Newark development circles.

The O'Neal Group partnered with Boraie Development a few years ago, and they are actively engaged in similar projects around the country that have not yet been announced, said Boraie's vice president, Wasseem Boraie.

Boraie is the son of Omar Boraie, the company's CEO and the first private developer to build in New Brunswick at the start of that city's renaissance in the late 1970s and early 1980s. His most prominent project there is a 25-story condominium building on Spring Street, which led the city's urban redevelopment plan at the time.

"We're proud to be in Newark," Wasseem Boraie said. "We wanted to make this the first of several projects we will be announcing."

The Newark project, to be called One Riverview at Rector Street, will be designed by architect Costas Kondalis, who designed all of Donald Trump's Westside Manhattan properties.

The Newark building will have 24-hour concierge service and include a swimming pool, a gymnasium, a dog run and rooftop sun deck looking out at the Passaic River and New York City skyline, Boraie said. While prices have yet to be determined, they will be competitive with comparable condos in Jersey City and Hoboken, he said.

The plan has been under discussion for more than two years, but didn't gain traction until recently. A late-night dessert session last year with Mayor Cory Booker and O'Neal helped move the project along, according to Pryor and Garnes.

The developers have also agreed to hire local and minority labor for the construction of the building, said Joseph Ritchie, chief executive of Brick City Development, who negotiated the redevelopment deal on behalf of the city.

While the abandoned high school building will be torn down, Boraie O'Neal has pledged to retain as much of the structure's free-standing facade as possible. They have also agreed to install four security cameras on the roof, in support of Booker's citywide video surveillance initiative.

The Booker administration also has plans for a complete remaking of nearby Military Park, and is hopeful that an ambitious retail/apartment plan near NJPAC comes to fruition.

"We are, in effect, creating a new neighborhood," Pryor said.

Ian T. Shearn may be reached at ishearn@starledger.com or (973) 392-1671.


©2008 Star Ledger
© 2008 NJ.com All Rights Reserved.

Special Thanks to K. Brooks for the update
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