"This project represents a significant effort on the part of Newark to revitalize one of its most historic neighborhoods," says Bernard E. DeLury Jr., Caesar's executive vice president and general counsel.
"The Hahnes-Griffith project is a key component of the effort to reinvigorate the central city and the surrounding neighborhoods," says Clive Cummis, vice chairman of Caesars Entertainment. Cummis also provides a Newark connection: he's a member of the board of directors of the New Jersey Performing Arts Center in Newark. He's also a founding partner and chairman emeritus of the Newark-based Sills Cummis Epstein & Gross, one of the state's most influential law firms.
The Hahnes-Griffith project is part of a larger 10-year development plan for the neighborhood adjacent to the Rutgers University and Seton Hall University law schools, as well as the NJPAC. The focus is the long-vacant Hahnes & Co. department store building and the adjacent, 17-story Griffith piano factory, which both overlook Military Park on Broad Street in the city's Downtown area.
Under current plans, a partnership of Cogswell Realty Group and the locally based Berger Organization aim to combine the two buildings into one, creating 223 loft apartments in the process. Plans also call for a 300-car parking garage. Berger already owns several local office properties. And the New York-based Cogswell Realty is no stranger to Newark, with several office buildings, including 744 and 765 Broad St. and 1180 Raymond Blvd. in its portfolio.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.