ERROR: Macro njDefaultArticleHeader is missing!

Steel, hope goes up in Newark as Panasonic project moves forward

By

Back to Top Comments Email Print

Latest News

Edison-based food equipment manufacturer hires new president

By Emily Bader
July 1, 2015 11:48 AM

CONTINUE READING

Hampton-based biotherapy company announcement management additions

By Emily Bader
July 1, 2015 11:26 AM

CONTINUE READING

advertisement

Saddle Brook carpet company acquires U.S. manufacturing site

By Eric Strauss
July 1, 2015 10:49 AM

CONTINUE READING

Celldex appoints chief commercial officer

By Emily Bader
July 1, 2015 10:28 AM

CONTINUE READING

HRA Healthcare Research hires EVP

By Emily Bader
July 1, 2015 10:20 AM

CONTINUE READING

Marcus & Millichap arrange $2.56M sale of retail property in Denville

By Emily Bader
June 30, 2015 12:31 PM

CONTINUE READING

Sanzari announces series of leases at plaza in Hackensack

By Emily Bader
June 30, 2015 12:13 PM

CONTINUE READING

advertisement

Some good news for Newark: Panasonic Corp.’s much-discussed North American headquarters project finally started construction, with the first pieces of steel going up Monday afternoon, according to a report in The Star-Ledger.

As an aside: What is with that headline? “It’s electric?”)

The project got loads of attention — plenty of it negative — when it was approved for more than $100 million in tax credits under the Urban Transit Hub tax credit program. That sparked a lawsuit, eventually withdrawn, from Panasonic’s current landlord — and the controversial program made headlines again when Prudential Financial was approved for $250 million in incentives to build a new tower downtown.

It didn’t look like this project would ever come to fruition after so much battling between landlord and soon-to-be-ex-tenant. But the fact that Newark is getting such large-scale office development is a big positive for the city. Critics will point out that it’s a very expensive way to keep a tenant — and they’re right — but it wasn’t long ago that Newark was known more for stolen cars than stealing tenants from other cities, and putting more employees downtown will sell lunches, lure retailers and move tickets at the other fancy catalyst for downtown redevelopment.

It’s costly to keep Panasonic here by giving up $100 million in taxes. It’s a lot more costly to replace it altogether if it moves to California. Seeing the steel go up is a great sign for Newark’s rebuilding — almost as uplifting as watching your mayor rescue a neighbor from a burning building.

I’m even more irreverent on Twitter @joe_arney. 

Share This Story On:

Steel, hope goes up in Newark as Panasonic project moves forward

By

Back to Top Comments Email Print

Latest News

advertisement

Some good news for Newark: Panasonic Corp.’s much-discussed North American headquarters project finally started construction, with the first pieces of steel going up Monday afternoon, according to a report in The Star-Ledger.

As an aside: What is with that headline? “It’s electric?”)

The project got loads of attention — plenty of it negative — when it was approved for more than $100 million in tax credits under the Urban Transit Hub tax credit program. That sparked a lawsuit, eventually withdrawn, from Panasonic’s current landlord — and the controversial program made headlines again when Prudential Financial was approved for $250 million in incentives to build a new tower downtown.

It didn’t look like this project would ever come to fruition after so much battling between landlord and soon-to-be-ex-tenant. But the fact that Newark is getting such large-scale office development is a big positive for the city. Critics will point out that it’s a very expensive way to keep a tenant — and they’re right — but it wasn’t long ago that Newark was known more for stolen cars than stealing tenants from other cities, and putting more employees downtown will sell lunches, lure retailers and move tickets at the other fancy catalyst for downtown redevelopment.

It’s costly to keep Panasonic here by giving up $100 million in taxes. It’s a lot more costly to replace it altogether if it moves to California. Seeing the steel go up is a great sign for Newark’s rebuilding — almost as uplifting as watching your mayor rescue a neighbor from a burning building.

I’m even more irreverent on Twitter @joe_arney. 

Share This Story On:
advertisement

Comments


Be the first to comment.



Please note: All comments will be reviewed and may take up to 24 hours to appear on the site.

Post Comment
     View Comment Policy
advertisement
ERROR: Macro defaultSidebar is missing!
ERROR: Macro footer_top is missing!
Back to Top