Taking a cue from Manhattan\u2019s Carnegie Hall, New Brunswick, N.J. will market the air rights for a $275 million office, residential and retail project to provide a new home for several of the city\u2019s performing arts venues.\u201cIt\u2019s a model that has precedents, and very successful precedents,\u201d a spokesperson for the project\u2019s lead city agency, the New Brunswick Development Corp., told CPN this morning. Using the strategy that provided funding for Carnegie Hall\u2019s renovation, the city will use revenue from the sale of the project\u2019s air rights to generate about 70 percent of the estimated $50 million cost of the project\u2019s performing-arts portion. That will include 500-seat and 200-seat proscenium theaters, a black-box theater, classrooms, rehearsal facilities, and community space. The venue\u2019s initial resident companies will include the George Street Playhouse, Crossroads Theatre Co., Mason Gross School of the Arts, and American Repertory Ballet. New Brunswick Development Corp. is in discussions with prospective tenants for the project\u2019s office component, which will provide 286,215 square feet on floors 3 through 14. The city is courting such prospective users as finance, pharmaceuticals and health-care users are among the prospective users. A 20-story residential portion of the tower spanning the 12th through the 34th floors will incorporate 200 market-rate condominiums. The agency expects to strike an agreement with a developer and to land principal office tenants this year. Because the project is within a half-mile of New Brunswick\u2019s train station, the\u00a0\u00a0 developer will be eligible for a new state tax credit that will offset the project\u2019s entire development cost. \u00a0All told, New Brunswick\u2019s redevelopment pipeline contains projects valued at $600 million. This fall the city expects to kick off construction of the Gateway, a 200-unit, $165 million condominium project about a quarter mile from the train station. Also waiting in the wings is construction of the Stem Cell Institute of<\/p>\n","protected":false},"excerpt":{"rendered":"
Taking a cue from Manhattan\u2019s Carnegie Hall, New Brunswick, N.J. will market the air rights for a $275 million office, residential and retail project to provide a new home for several of the city\u2019s performing arts venues.\u201cIt\u2019s a model that has precedents, and very successful precedents,\u201d a spokesperson for the project\u2019s lead city agency, the…<\/p>\n","protected":false},"author":1314,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[],"class_list":["post-1003725601","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"\n