By Ben Korman

As we look to the future of Newark, it is evident that transformative developments can’t happen in a vacuum and will require the continued support of the city and state legislators. Much-needed incentive programs will serve as the engine to increase the impact of the already planned developments, while also driving forward future initiatives and projects that will continue to enhance the infrastructure, livability, culture and reputation of Newark.

Riverfront Square, Newark’s most ambitious redevelopment, plans to create a new 12-acre mixed-use community that is vibrant, pedestrian friendly and responsive to the needs of today’s residential and commercial populations. The plans bring together four world-class architects to lead the redevelopment of Newark’s Bears Stadium, transforming one of the downtown area’s most important sites into a thriving 24/7 community. The proposed project is expected to provide up to 2,000 residential units, 1.5 million square feet of office space, large and small-scale retail, dedicated cultural spaces and approximately five acres of public open space in the emerging Broad Street Station section of downtown.

Beyond Riverfront Square, Newark is poised to be the beneficiary of more than $2 billion of recently completed and pipeline development projects, including One Theater Square, Walker House, 50 Rector Park and Audible’s Innovation Cathedral, among others. Each of these projects will have the ability to capitalize on the city’s unparalleled access to N.J./ N.Y. metro area’s deep talent pool.

Newark’s specific contribution to this talent pool comes from the graduates of Rutgers-Newark and the New Jersey Institute of Technology, making it easy for employers to find talented professionals with the necessary skills that will make Newark the next great innovation hub. These developments have benefited greatly from the public/private partnership model that has encouraged growth across the city, including residential, commercial and retail sectors, but we stand to lose great momentum as the future of this partnership remains uncertain. Newark has not yet reached its critical mass and still needs the support of city and state leadership to encourage future growth.

If we are to truly support Newark as a 24/7, vibrant destination for companies and their employees, then the commitment to housing the city’s growing workforce is of equal importance. Riverfront Square will not only support Newark as a lively residential community with up to 1,300 units of workforce housing and 700 condo units, it will create the density necessary to fill the streetscapes, support local retail and enhance the city’s infrastructure for new and existing residents. However, that density and the infrastructure needed to support it, does not come for free.

Thoughtful and targeted investments of government support are needed to achieve this kind of high-quality, transformational mixed-use development. By creating housing that is mixed-income, transit-oriented and accessible to all, Riverfront Square will promote diversity and allow for people from all walks of life to interact, commingle and learn from one another on a daily basis through organic collisions.

Transformative developments don’t happen without the full support of local, city and state legislators. We urge the leadership to carefully consider the future of Newark – and all it could be – and support a comprehensive incentive package that spurs continued investment in transformative developments, particularly in the cities that are in the most need of ongoing investment, including Newark.

Ben Korman, founder and CEO of Lotus Equity Group, is a veteran property manager, owner and investor with more than 30 years of industry experience. He’s the “driving force" behind the redevelopment of the former Bears Stadium site in Newark.

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