Lawrence P. Goldman, the founding CEO of the New Jersey Performing Arts Center, is stepping down as head of its real estate arm after finalizing funding for a mixed-use development project near the Newark property, the organization said today.
Goldman will become a part-time instructor at Rutgers University, NJPAC said in a news release. He will be succeeded by the arts center's current president and CEO, John Schreiber, who replaced Goldman in his original post in 2011.
The news comes three days after the state Economic Development Authority approved a $33 million tax credit for One Theater Square, a $106 million residential and retail project on Center Street adjacent to the facility and Military Park. The project by Philadelphia-based Dranoff Properties and NJPAC is slated to include a 22-story brick and glass tower, with 244 apartments and nearly 15,000 square feet of retail.
Construction is expected to take two years and be ready to begin by June.
Goldman will remain a senior adviser to the NJPAC subsidiary, Theater Square Development Co. LLC, while pursuing other writing and consulting activities, the news release said. At Rutgers, he will become a distinguished practitioner in residence at the School of Public Affairs and Administration, teaching courses on nonprofit management.
NJPAC opened in 1997 with the backing of Newark's business and philanthropy leaders, culminating a decade-old effort to help bring visitors back to the state's largest city. Goldman led the organization for 14 years as its first president and CEO, but stepped down in 2011 to focus on the real estate projects on the surrounding land.
TSDC still controls two other adjacent development sites across from the arts center, the news release said. With Schreiber at the helm, the subsidiary will focus on identifying uses, partners and funding for the parcels.
"Larry's stewardship of (One Theater Square), much as his leadership in creating an arts center in the heart of downtown Newark, has been focused and unwavering," William J. Marino, co-chair of NJPAC's board of directors and chair of the development arm, said in a prepared statement. "He has shepherded it through critical milestones, and due to Friday's NJEDA vote … his vision for the project is close to fruition."