Njpac officials initially rolled out plans in mid-2005 for thecenter's first major expansion since itopened in 1997. In early 2006, the organization issued a Requestfor Expressions of Interest to begin the process of securing a developer.Estimates at the time put the price tag for the project in the$100-112 million range.

"This agreement is the culmination of a very deliberatedeveloper selection process," says Lawrence Goldman, Njpac'spresident and CEO. "Dranoff is a recognized trendsetter in therevitalization of urban neighborhoods. We knew very quickly thatthey understood the arts center's mission to build on its successand create round-the-clock living in downtown Newark."

"Two Center Street is a project that draws on our mixed-useexperience in developing arts and cultural districts," says CarlDranoff, founder and CEO. His company's credits include SymphonyHouse in its hometown of Philadelphia, and the Victor, theredevelopment of the former RCA headquarters on the Camden, NJwaterfront as a luxury condo building.