Brick City Development Corporation (“BCDC”)
Public-private financing, market and financial analysis – Newark, NJ
Tucker Development proposed a $35 million, select-service Courtyard hotel at the intersection of Broad and Lafayette Streets in downtown Newark near the Prudential Center arena. In addition to 150 guest rooms, the hotel will include 14,000 square feet of street-level retail. Opening in September, 2012, the Courtyard is the first new hotel construction in downtown Newark in forty years.
In addition to market and financial analysis, RESGroup worked with the BCDC (Newark’s economic development agency) to test various public-private financing structures to support this important development. Numerous incentive programs were considered and their impact on the feasibility of the project was estimated. Additional City revenues resulting from the development, including occupancy and sales taxes were also estimated.