NEWARK, N.J. (April 4, 2011) - Mayor Cory A. Booker and Tucker Development Corporation, in partnership with Marriott International, the New Jersey Devils, Robert Finvarb Companies and Brick City Development Corporation, hosted a groundbreaking on March 30 for the Courtyard by Marriott at the Prudential Center, a mixed-use hotel and retail project that will be a significant catalyst to the economic growth of the downtown Newark area by bringing added new investments, ratables and employment to the Brick City.

Located just a few blocks from Newark Penn Station, the Courtyard by Marriott will be the first new hotel for the City’s downtown in nearly four decades. The development is expected to generate approximately 175 one-time construction jobs, and a total of between 50 and 75 permanent jobs through the hotel and retail operations. Marriott International will manage the hotel operation.

Newark Mayor Cory A. Booker, stated, “This past weekend, the NCAA brought thousands of visitors to our City and focused the world’s spotlight on Newark, New Jersey. Today, we continue to showcase our City as the site of momentous new development. When global hospitality organizations like Marriott bring their hotels to our City, it shows that the world’s leading companies believe in our City and our residents. When visitors stay at our Marriott and have an on-the-ground experience in our City, they will keep coming back again and again.”

Tucker Development Corporation, a leading developer of shopping center and mixed-use properties throughout the Midwest and Mid-Atlantic regions, is developing the project, and will lease and manage the development’s approximately 14,000 square feet of ground floor retail space.

“Today is a significant milestone achievement for the City of Newark, and we are excited and proud to be part of it,” Tucker President and CEO Richard Tucker said. “Investing in downtown Newark provides a tremendous opportunity for developers to contribute to the vitality of this great city, and we expect strong interest from retailers looking to take advantage of the numerous benefits afforded by the development’s strategic location.”

Located at the northeast corner of Broad Street and Lafayette Street, the development is adjacent to the Prudential Center, home to the National Hockey League’s New Jersey Devils and host to approximately 200 sporting, concert and family events every year. “The Rock” has been a major draw for downtown Newark since its opening in 2007, attracting as many as 18,000 spectators per night for sporting events and playing an important role in the city’s revitalization.

Newark Deputy Mayor for Economic and Housing Development Stefan Pryor said, “This is a truly groundbreaking development for our City. As our first new downtown hotel in nearly 40 years, this project continues Newark’s transformation into a 24/7 city – with activity and vibrancy both day and night. It also propels Newark’s groundbreaking year, leading the way for many more developments that will be advancing in 2011 and beyond. Thank you and congratulations to all the partners in this project.”

Marty Schwartz, President of the Essex County Building Trades, said, “The Essex County Building Trades Council is proud to partner up with Mayor Booker to build the Marriott hotel with Union Labor. Construction projects that utilize union labor will positively impact the community because they will provide both good, middle class career jobs and growth in Newark—a vital engine for the future of our regional economy.”

The hotel and retail project will be connected to the Prudential Center, and is within close proximity to Newark Penn Station, offering easy access to New Jersey Transit, NJ PATH, Newark Light Rail and Amtrak. The development’s presence on the heavily traveled Broad Street presents a unique opportunity for retailers to take advantage of existing foot traffic, as well as offering an opportunity to become a new retail destination for Newark residents, visitors and patrons of the Prudential Center.

The development is expected to be completed and open by summer 2012.

About Tucker Development Corporation
Founded in 1996, Tucker Development Corporation specializes in the development of shopping centers and mixed-use properties in Illinois, Wisconsin, Michigan, Pennsylvania and New Jersey. The company is one of the most reliable retail and mixed-use developers in the Midwest, developing and managing quality retail and mixed-use properties totaling more than four million square feet.

For more information on Tucker Development Corporation, visit www.tuckerdevelopment.com or for leasing information, contact Adam Moschin at (847) 926-9999 or [email protected].

About the City of Newark, New Jersey
Newark, commonly referred to as Brick City, is the third oldest city in the United States and the largest in New Jersey, with a population of more than 280,000 people. Newark sits on one of the nation’s largest transportation super-structures including an international airport, major rail connections, major highway intersections and the busiest seaport on the east coast.

With a new Administration as of July 2006, Newark continues to see signs of a strong revival. In population, it is one of the fastest growing cities in the northeast. Its six major colleges and universities are further expanding their presence. The production of affordable housing has doubled, businesses are returning and crime is going down. There is still much work to be done but Newark is on its way to achieving its mission: to set a national standard for urban transformation.

For more information on the City of Newark, please visit our website at www.ci.newark.nj.us