From 2006 to 2014, RESGroup was engaged by the City of Newark’s Deputy Mayor of Economic Development, and the City’s economic development arm, the Brick City Development Corporation (“BCDC”) as an on-call consultant to assess the market and financial viability of projects proposed by developers, determine the need for public incentives to leverage private investment through the creation of public/private partnerships, assist in public/private negotiations, and advise on strategic decisions for the City’s redevelopment. The work demonstrated the new administration’s commitment to transparency, and illustrated an even-handed analysis of policy and public/private development initiatives. Projects included rental and for-sale housing, low-income housing, student housing, hotels, retail, office, assisted living facilities, industrial, and parking garages, and ranged broadly from mixed-use high-rises to 1-story industrial buildings.
RESGroup worked with the City to create its Real Estate Tax Abatement Policy, the Car Rental Tax fund, and other public policy initiatives and public funding mechanisms that would be used to encourage private development and investment in the City. One of our early assignments was assisting the City in creating the BCDC – the public-private organization that became responsible for working with private developers interested in contributing to the resurgences of the City, increasing jobs and tax ratables. RESGroup then worked with BCDC on creating its economic development programs and performing market and financial analysis of numerous economic development projects. The Courtyard by Marriott Newark Downtown, the Hotel Indigo Downtown, the Hahne & Company residences, the One Theatre Square apartments, and the One Rector Street apartments are a few of the projects initiated under the administration that have become cornerstones in downtown Newark’s renaissance.
