$1.5-billion

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And Tucker, which has made a name for itself with MXDs andretail properties, has mixed uses in mind for the site at 422 BroadSt. once the sale clears. Part of that plan includes a new class Aoffice building with large floorplates, the first to be built herein more than 15 years. Also part of the plan for the 400,000-sf,28-story mixed-use are a 200-room hotel and 50,000 sf of retail,including a health spa, on the first two floors. The estimatedprice tag for all of this is $150 million.

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The project will also be eligible for benefits under the state'snew Urban Transit Hub Tax Credit Program, enacted in January. For aminimum of 250 employees, eligible companies can realize upwards of$75 million in tax incentives over a 10-year period.

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"Corporations relocating to this new generation transit-orienteddevelopment can earn tens of millions of dollars in urban taxcredits," confirms TDC president and CEO Richard Tucker. "The endresult is that a large corporation relocating jobs to our Newarkdevelopment could virtually operate rent-free for 10 years.

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"Given these substantial corporate benefits and that fact thatall class A office space in Newark is more than 15 years old, weexpect there will be significant demand for this new project,"Tucker says. As part of its entry into the New Jersey marketplace,Tucker also recently opened a regional office at 50 Park Place Asfar as the proposed project for 422 Broad St., the currently vacantsite is just 100 feet from the Broad Street Station, and a 10th ofa mile from the I-280 ramp.

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