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Shaq's Next Attack: Building Condos in Newark
By the DiversityInc staff
August 21, 2008
Keywords: Shaquille O'Neal, basketball, NBA, Newark, condominium, redevelopment, NJPAC, condo, economy
Newark's favorite son Shaquille O'Neal is returning to the city. But the NBA star is coming back with building plans, not a basketball, in his hands.
O'Neal and his business partners received the go-ahead to proceed with the development of a $90-million, 25-story condominium tower in downtown Newark overlooking the Passaic River near the New Jersey Performing Arts Center, according to The New York Times. The building would become the third-largest building structure in the city.
"Home is where the heart is," O'Neal told the Times. "And I'm from Newark. That is where I wanted to do something big."
The 152 high-end condominium units would provide amenities like those found in nearby Manhattan, Hoboken and Jersey City, including garage parking, concierge service and an in-house gym.
The building is a crucial next step in transforming the downtown business and arts districts into a "24-7" neighborhood, Newark Deputy Mayor Stefan Pryor told The New York Times. Pryor told the Times he was aware of "persistent skepticism" about Newark's readiness for a luxury residential project and "lingering wariness in some quarters about proceeding during difficult economic times."
"The thing is," he said, "now is precisely the time to build in Newark, and we are seeing an increased interest in doing so."
Click here to read the entire article in The New York Times.
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