History
In 2005, the City of Newark delegated the redevelopment of the Downtown Core to the Newark Housing Authority. But, because of its financial and regulatory troubles, the New Jersey Local Finance Board recommended that the City create the NDCRC to execute the NHA’s mandated redevelopment agenda. Since its inception in late 2005, the NDCRC has focused its work on essential entitlement and public infrastructure projects that the previous Administration did not complete in advance of the Prudential Center. The City of Newark invested $220m in the $375m project and an additional $77m in public infrastructure improvements necessary to set the table for future redevelopment.
Scope of Work
NDCRC's scope of work includes the following tasks and projects:- Land management (IRC 1031 Exchange)
- Asset management (financial analysis of Prudential Center lease)
- Construction management (oversight of Prudential Center construction on behalf of the NHA and the city of Newark)
- Road construction (Circulation Project)
- Property acquisitions (more than $30m spent to acquire necessary properties for all construction projects)
- Property demolition and environmental remediation
- Commercial and residential relocation
- Construction of New Jersey Devils Championship Plaza
Source of Capital
Beginning in late 2005, the New Jersey Devils, the City of Newark, the New Jersey Department of Transportation and the Newark Housing Authority have collectively provided $77 million to the NDCRC with the capital necessary to fund its operations and complete its projects. These funds, with the exception of the funds provided by the NHA and the NJ Devils, are City of Newark capital grant funds (general obligation bonds). The NDCRC has never received an annual City of Newark appropriation of funds. NDCRC earned an administrative fee in the amount of $1.8m. Over the last four years, NDCRC also invested its GO grant funds in secure certificates of deposit which earned the organization almost $2m.
Staff and Professional Services
NDCRC has managed an outstanding team of attorney’s (Florio Perrucci Steinhardt and Fader), construction managers (MAST Construction), engineering firms (Langan Engineering and Birdsall Engineering-formerly PMK Engineering), Positive Impact (Prudential Center Lease Analysis), CHS Construction (construction management), Azevedo and Pereira (accounting services), and LVI/Mazzocchi (demolition), and Patillo Construction. The NDCRC staff includes a project analyst, project managers and administrators.