Newark CRE 360 Pt II: Is 1000 Acres Enough for the New Port?

NEWARK, NJ – We all know that saying “Newark is humming along” is an understatement. Newark insiders and officials are bullish on the market and looking forward to future growth. So the next thing we want to know, naturally, are what’s in the pipeline specifically, and how far are we from not needing incentives anymore? In this second part of a Newark CRE360, we spoke with three Newark insiders about what to expect. Jennifer Mazawey, Partner, Genova Burns says that part of this, at times improbably, growth may be due to the fact that Newark’s “momentum” may have started later than other cities, in terms of getting back on their feet after the 2008 recession. However, Mazawey also stresses that another key factor is the diversity of assets. “There is such a mix of uses, commercial and residential, and more,” says Mazawey. “When you talk about what’s in the pipeline, it’s not only retail. It’s not only office.  We have public spaces, the parks, the riverfront, this mix of things coming on board is really making the momentum and it’s adding to the momentum, not slowing down.” In fact, Sam Schatz, Managing Director – Corporate Development, AeroFarms says that his firm is banking on continued growth. “We just closed on our capital raise, and we are doubling down on our commitment to Newark,” Schatz says. “We are planning to close on our expansion of our production capabilities here, building out…