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Whiskey Tango Foxtrot
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Discussion Starter · #1 · (Edited)
GlobeSt

Prudential's $444M New Home Approved By Newark Planning Board



NEWARK–Prudential said it would start work on a 20-story office building near Military Park in downtown Newark this fall, after its plans for a $444 million two-building complex won unanimous approval from Newark’s planning board Monday night.

The insurance giant, which has had its headquarters in Newark for more than 130 years, plans to construct its new home in two phases on a site bordered by Broad, Halsey, and West Park Streets.

Prudential has maintained offices on Broad Street for more than 30 years – at the Gateway Center, five blocks south of Military Park. When the company was awarded a $250 million ten-year tax credit from the state Economic Development Authority if it builds the new headquarters in Newark, existing landlords at Gateway objected, saying Prudential’s move will devastate their building. The landlords helped force a review of the tax abatement, which was lowered to $210 million.

Other objections surfaced from taxpayer interests, who pointed out that the Fortune 100 company made $3.5 billion in profit last year. Still, Newark officials pronounced themselves overjoyed at the fact that Prudential will build a sparkling new complex housing 400 employees in a blighted area of downtown now populated by parking lots and vacant buildings.

After the building proposal was formally laid out Monday night, Newark Councilman Darrin Sharif was quoted as telling Prudential representatives: “You had me at hello.” Sharif represents the Central Ward, which encompasses Military Park.

Lawyers for Gateway did not say after the planning approval was granted whether they will appeal that decision.

If construction proceeds as planned, several older and vacant buildings on the site would quickly be demolished. Construction of the tower would be complete by fall 2014, according to Prudential.

The second phase of the company’s complex would include another tower, a parking deck, plazas and atriums between buildings, and 20,000 square feet of street-level retail space.

[...]

http://www.nj.com/news/index.ssf/2012/07/prudential_considers_second_to.html
 

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Whiskey Tango Foxtrot
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Discussion Starter · #6 ·
Revival Is Planned for a Derelict Downtown Newark Park



NEWARK — During a recent tour of Military Park on a frigid afternoon here, Daniel A. Biederman waved his arm at the derelict plaza before him, with its once-proud statuary gazing out at ailing trees and graffiti-covered garbage bins.

“This could be the Bryant Park of Newark, but nobody uses it,” said Mr. Biederman, the urban parks expert who two decades ago transformed that park in Midtown Manhattan from a forbidding drug haven to a jewel-box refuge. “If it was a gorgeous day in June, you’d still have six or eight people here.”

But with the city in the midst of a building boom, Military Park is poised for its own makeover. This spring, ground will be broken on a $3.25 million renovation overseen by Mr. Biederman and his firm, Biederman Redevelopment Ventures.

The plan, Mr. Biederman said, is to replace unhealthy trees, plant a full acre of flowers, build a new cafe and public restroom, repair the Victorian-style lampposts (more than half are broken), create new seating areas and install custom-designed trash bins in the triangular six-acre park.

[...]

Residents and city officials hope the park’s restoration will evoke Newark’s vibrant history. In 1869, Military Park displayed what is believed to be the first public electric lights in the country. That was the year the park officially became a town commons, ending its 200-year run as a training ground for soldiers.

“With new office towers on the way from Prudential and Panasonic, and new residents moving downtown,” Mayor Booker said, “a revitalized Military Park will be the central community public space.”
Military Park at it was in the 1940s:


Newark, NJ Military Park by army.arch, on Flickr

Soon, new glassy towers will surround the area prompting even greater revival.
 

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Let's Revive our Cities
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Let's Revive our Cities
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Let's Revive our Cities
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There is a pile of steel beams on site and the old department store building is gone. An awesome looking piling machine was busy at work drilling piles. Just look at all of the excavators.

[/url] Prudential HQ 4 24 13 by towerpower123, on Flickr[/IMG]

[/url] Prudential HQ 4 24 13 by towerpower123, on Flickr[/IMG]

[/url] Prudential HQ 4 24 13 by towerpower123, on Flickr[/IMG]

[/url] Prudential HQ 4 24 13 by towerpower123, on Flickr[/IMG]

[/url] Prudential HQ 4 24 13 by towerpower123, on Flickr[/IMG]

[/url] Prudential HQ 4 24 13 by towerpower123, on Flickr[/IMG]

:banana::banana::banana::banana::banana::banana::banana::banana::banana:
 

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Whiskey Tango Foxtrot
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55,632 Posts
Discussion Starter · #13 ·
A lawsuit that had held up funding has been adjudicated in Prudential's favor:

N.J. appeals court OKs Prudential Financial's $211 million tax credit for Newark tower



August 23, 2013 at 11:41 AM, updated August 23, 2013 at 2:40 PM

A state appeals court has upheld a nearly $211 million tax credit award to Prudential Financial to help it build a new office tower in downtown Newark.

In reaching its decision, the panel also fully rejected the arguments against the award brought by Prudential’s landlords at the Gateway Center complex, where it currently leases office space.

The decision clears one of the biggest barriers Prudential faces in building its proposed $444 million tower on Broad Street across from Military Park.

Prudential, which has its headquarters at 751 Broad St., last year received the 10-year Urban Transit Hub Tax Credit from the state Economic Development Authority after pledging to create 400 new jobs at the building, on top of the 2,000 workers it planned to relocate there from nearby Gateway Center.

The Newark-based company also said erecting the 20-story tower would create roughly 2,000 construction jobs and generate economic activity in the area. Construction could be completed next year.

[...]
 

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Let's Revive our Cities
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Looking good!

That awful 30s-warehouse-looking building is being demolished, right?
Its long gone. The site has progressed a lot in 3 months.

[/url]
Prudential Tower Construction 9 10 13 by towerpower123, on Flickr[/IMG]

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Prudential Tower Construction 9 10 13 by towerpower123, on Flickr[/IMG]

[/url]
Prudential Tower Construction 9 10 13 by towerpower123, on Flickr[/IMG]

[/url]
Prudential Tower Construction 9 10 13 by towerpower123, on Flickr[/IMG]

[/url]
Prudential Tower Construction 9 10 13 by towerpower123, on Flickr[/IMG]

They installed the crane's tower and work began several weeks ago on concrete pouring. This is well under construction and is supposed to top out March 2014 and be opened by the end of 2014. This is work on the smaller of the two towers. The second one has an uncertain future, but may likely start as soon as those remains of the buildings on site are demolished and removed.
:cheers:
 

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Whiskey Tango Foxtrot
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Discussion Starter · #18 · (Edited)
Skanska Signs New $220M Contract for Pru

NEWARK, NJ-International construction management firm Skanska reports it has signed an additional $220-million contract for the construction of the new Prudential Financial Inc. tower here.

The 20-story building is already being built and when completed will feature more than 700,000 square feet of space, according to NJBiz.com.

Skanska’s announcement states that the downtown tower property will include an adjoining parking garage and ground level retail space. The project is expected to be completed in early 2015.

Prudential Construction 10 3 2013 by towerpower123, on Flickr
 

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Let's Revive our Cities
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^^ Thanks for constantly reposting my images of the Prudential Tower. Steel is now 4 stories high on both halves of the tower.

[/url]
Prudential 11 12 2013 by towerpower123, on Flickr[/IMG]

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Prudential 11 12 2013 by towerpower123, on Flickr[/IMG]

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Prudential 11 12 2013 by towerpower123, on Flickr[/IMG]

The area to the right will be a massive parking garage with a 50 by 100 foot green wall. The second tower, when they finally build it, will be on the other side of the rising steel. They are still clearing the site for it.
 
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