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NEWARK-The Chicago-based Tucker Development Corp. has acquired the 11-acre tract at the northeast corner of Springfield Ave. and Jones St. in this city’s Central Ward, and is set to develop a 200,000-square-foot retail center on the urban in-fill site. Tucker will team with the locally based WKA Development Corp., headed by Will Allen, to do the project, which has been named Springfield Avenue Marketplace.

“Newark has significant demand for new retail centers, as evidenced by the fact that 38% of retail purchases by residents and workers are made outside of the city,” says the firm’s president, Richard Tucker. “That’s a loss of $575 million in sales to the city every year. This development will help recapture the enormous leakage of retail spending. It will also provide a necessary resource for neighborhood residents, create employment opportunities and help increase the city’s tax revenue base.”

What Tucker has planned is a layout with two anchor tenants of approximately 90,000 and 65,000 square feet respectively, with the rest of the space accounted for by a combination of national and regional in-line stores. No tenant announcements have been made yet. Plans also call for a two-story parking deck and store-front parking, which combined will add up to 825 parking spaces.

“Building out this strategically important site will help strengthen one of the city’s key neighborhoods and create a regional asset,” says Stefan Pryor, the city’s deputy mayor for economic development, in a statement. “It will add a significant number of new jobs to this city as well as capture local sales taxes that have been leaving Newark.”

The project will also benefit from the fact that it’s located within this city’s urban enterprise zone. Benefits of that location include a 50% reduction in sales taxes for shoppers, as well as the reduction or elimination of taxes on personal property and services for the retailers themselves.

And for Tucker, which last year established a regional office here, the Springfield project marks the company’s second foray into this marketplace. In 2008, the company rolled out plans for Liberty Place, a 450,000-square-foot mix of office, retail and hotel uses. Liberty Place will rise at 422 Broad St., adjacent to the Broad Street Rail Station.

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