NEWARK--The Brick City is next.

This seems to be the general consensus among some experts and politicians looking to peg the newest up-and-coming urban area in New Jersey. The ingredients are there: Access to mass transit, new massive development projects and the appeal of rents significantly cheaper than Manhattan.

Some quick facts

Population: 278,427

Size: 26.11 square miles

Median age: 32.3

Median household income: $33,960

Median rent: $968

Housing units: 109,722

Average property tax: $5,365

Median house value: $243,200

Total county taxes: $67.8 million

Total school taxes: $116.5 million

*Information taken from the latest U.S. Census, Trulia and the New Jersey Department of Community Affairs

But...Newark?

Brick City's allure

To Ron Beit, Newark's potential has long been underestimated.

"It just always struck me how undervalued Newark was relative to this region and relative to the assets that it has," he told NJ Advance Media.

The CEO of RBH Group has been investing in the city for the last decade, and his company aims to transform downtown with the SoMa (south of Market Street) redevelopment plan. The company has completed the first phase of Teacher's Village, a six-building complex that includes charter schools and residences marketed toward teachers.

RBH plans to break ground on "Maker's Village" next month, which will be home to the world's largest vertical farm.

Financing large-scale development in Newark is still a challenge, Beit said, since rents are extremely low compared to other nearby urban areas--the median rent is $968, according to the U.S. Census' 2009-2013 American Community Survey. But he said as people are priced out of the so-called Gold Coast, they will increasingly look to Newark as an alternative, meaning that in the next three to five years, rents will also likely go up.

"The people attracted to good urban areas, are going to be attracted to Newark," he said. "We have a real shot with our airport and our diversity that we're going to be an international destination."

Proximity

Within the city, there are several points of interest, including the NJ Performing Arts Center, the Prudential Center and a number of colleges, including a Rutgers University campus and New Jersey Institute of Technology.

The city has easy access to several modes of transportation to travel within and outside the city. Newark Penn Station at Market Street and Raymond Boulevard offers access to three NJ Transit commuter lines, as well as Amtrak, the Newark Light Rail and the PATH train. More than 30 airlines operate out of Newark Liberty International Airport.

Dan Rosenblum, 30, moved to Newark in April 2013 from Freehold to shorten his commute to Montclair. Now he takes the PATH train to lower Manhattan during the week, and the trip takes roughly 45 minutes door-to-door, he said. He lives in the Ironbound section of the city, a neighborhood that offers an array of restaurants and stores and is known for its strong Portuguese population. He said he likes the neighborhood for its vibrance and diversity.

"As a longtime New Jersey resident, I've always been interested in Newark," he said in an e-mail. "It's often overshadowed by New York, Jersey City and the suburbs, but you have to be curious about a place that can produce Chris Christie, Philip Roth and Shaq."

Renaissance?

In February, city officials touted that Newark is on the cusp of a renaissance, and in many ways, the state's largest city does seem be gaining momentum.

Earlier this month, Rutgers University announced a proposed makeover of its Newark campus that would bring a pedestrian walkway between Martin Luther King Jr. Boulevard and Military Park. Also, after nearly a decade of the city's courting the high-end grocer, a Whole Foods is moving into a long-empty building downtown.

Abandoned property is still a problem in the city. Officials launched one remedy on Valentine's Day, offering 100 vacant lots for $1,000 each to any couple willing to build their home on the land. The city's crime rate is high, but police reported a 40 percent drop in murders so far this year, compared to the same time last year.

Olivier Louis, a real estate agent with Re/Max who has been working in Newark for 11 years, said the revitalization of downtown has made the city more desirable, though its proximity to New York City has long been a main selling point. He said working class families are attracted to Upper Vailsburg for its suburban feel, while the Ironbound District continues to attract high-end restaurants.

"I think it's definitely up and coming," he said. "People are realizing, wait a minute: It's safe, there's plenty to do and it's affordable."

Kathryn Brenzel may be reached at kbrenzel@njadvancemedia.com. Follow her on Twitter @katiebrenzel. Find NJ.com on Facebook