The $120-million project--called Teachers Village at FourCornors--would redevelop an area from Maiden Lane to Pearl Streetand involve demolishing eight deteriorating buildings along HalseyStreet dating from the 1870s, constructing seven buildings four tosix stories tall and rehabilitating a nine-story building.

Beit has been working hand-in-hand with Newark's Landmarks &Historic Preservation Commission, which he tells GlobeSt.com, "hascertainly been receptive of the project." However, he continues,"they have had their comments and we are working with them on ourplan." The buildings targeted for demolition are in the area knownas the Four Corners Historic District but have been deemedexpendable by the developer's historic-preservation consultant,according to Beit.

A new retail corridor with ground-floor shops along HalseyStreet would marry two of the city's more vibrant draws: UniversityHeights--home to Rutgers University, the New Jersey Institute ofTechnology and the University of Medicine and Dentistry of NewJersey--and the Prudential Center, the 18,000-seat arena known asthe Rock. "Newark represents one of the best values in the country,let alone in the region," Beit tells GlobeSt.com. "Here you haveports, airports, universities, existing corporate infrastructureand accessible mass transit. You would be very hard-pressed to findanother city with those assets at these values."