By Karen Yi | NJ Advance Media for NJ.com

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Residential Suite, One Theater Square , the new 22-story residential tower rises across Center Street from the NJPAC in Newark, NJ. 10/02/2018 Steve Hockstein | For NJ Advance Media

It's finally here.

Newark's long-promised luxury tower hovering over the New Jersey Performing Arts Center is opening Wednesday, boasting of 22 floors of stainless steel appliances and granite finishes, plus views of the Manhattan skyline.

One Theater Square is the city's first luxury high-rise in 50 years and is the first of many residential towers planned for Newark.

Mayor Ras Baraka said the building "is more than record-making steel and concrete. It represents the success of our unwavering belief in Newark’s present and future."

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One Theater Square , the new 22-story residential tower rises across Center Street from the NJPAC in Newark, NJ. 10/02/2018 Steve Hockstein | For NJ Advance

The $116 million project broke ground in November 2016, more than 10 years since it was first proposed, and was touted as the first step in turning the city around from decades of disinvestment and blight.

Conceived in 2005 to have 28 stories, the project was later revised to reach 44 stories, and then re-drawn again for 22 stories.

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The gym at One Theater Square. (Steve Hockstein | For NJ Advance Media)

Carl Dranoff, CEO of Dranoff Properties, which developed the 1.2-acre site, said the tower offers "luxury living to rival New York City, Jersey City, Hoboken or anywhere else. It embodies a bold new vision of downtown Newark, adding new residents, new vitality and a wonderful design icon for all to see."

The land housing the development is owned by a subsidiary of NJPAC known as Theater Square Development Company.

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The Amenities Suite at One Theater Square , the new 22-story residential tower rises across Center Street from the NJPAC in Newark, NJ. 10/02/2018 Steve Hockstein | For NJ Advance Media

One Theater Square has 245 studio, one-bedroom and two-bedroom apartments for rent. Already, 100 apartments have been leased.

Twenty-four of the apartments have been set aside for affordable housing.

Inside the building, there's a yoga studio, game room, outdoor deck with fire pit, 285-car garage and 12,000 square feet of retail.

Rents range from $2,310 to $4,450.

"All of us at NJPAC are engaged in the revitalization of downtown Newark, and the opening of this remarkable building is truly a transformative moment for our city," said John Schreiber, NJPAC's president and CEO.

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One Theater Square , the new 22-story residential tower rises across Center Street from the NJPAC in Newark, NJ. 10/02/2018 Steve Hockstein | For NJ Advance Media

The project received $33 million in Urban Transit Hub Tax Credits from the state and $12 million from Newark through bonds, a parking tax grant and federal funds.

The One Theater Square tower fulfills a requirement by the state that housing be developed in the area surrounding NJPAC, though it's now 20 years since completion of the performing arts center.

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Residential Suite, One Theater Square , the new 22-story residential tower rises across Center Street from the NJPAC in Newark, NJ. 10/02/2018 Steve Hockstein | For NJ Advance Media

Under the city's new inclusionary zoning law, any developer seeking a variance from the city or a tax abatement has to set aside 20 percent affordable housing units.

One Theater Square was developed prior to the city's new ordinance but will still include 24 affordable units -- about half of what would be required under the city's new law.

"The developer chose to include apartments affordable to Newark residents, even before that was mandated by passage of our Inclusionary Zoning Ordinance," Baraka said in a statement.

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Outside deck at One Theater Square. (Steve Hockstein | For NJ Advance Media)

"One Theatre Square is a signature piece of our Military Park development, which has included such exciting projects as the Hahne's Building rehabilitation, the new Prudential skyscraper and the renovation of Military Park. All of these projects combined demonstrate to the region, nation and world that Newark is back, open for business or pleasure and is stronger than ever," the mayor said.

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Two-Bedroom apartment, One Theater Square , the new 22-story residential tower rises across Center Street from the NJPAC in Newark, NJ. 10/02/2018 Steve Hockstein | For NJ Advance Media

[Editor's note: The rent prices have been updated.]

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The new tower is right near NJPAC. (Steve Hockstein | For NJ Advance Media)

Read More

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Editor's Note: This story has been updated to reflect the ownership of the property.

Karen Yi may be reached at kyi@njadvancemedia.com. Follow her on Twitter at @karen_yi or on Facebook.