494 Broad Street officially opened last week.
NEWARK -- Ten new stories and 4,500 square feet of retail space might just be a sign of change.
That's according to real estate executives, and city and county officials who gathered in Newark last week to officially open the newly renovated 494 Broad Street building, which houses several large companies in the city, including Cablevision.
Fidelco Realty Group, which owns the 1 Washington Park office tower across the street, bought the Broad Street building about five years ago, its chairman, Marc Berson, said. The building, originally constructed in the 1960s, was vacant when the company took it over, he said.
Demand for more office space in the building prompted the company to start this expansion project two years ago, he said.
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"We are really thrilled," Berson said in a phone interview about the expansion. "People who are coming in (to Newark) are looking toward the future. That's what this is about."
The building's $60 million renovation added 10 new stories that include 650 parking spaces, 4,500 square feet of future retail space, and a new facade on the entire building, Fidelco said. The cost was partially offset by several tax credit programs, officials said.
Berson and local officials said the building - which is surrounded by Rutgers Business School and Audible.com's headquarters in Fidelco's Washington Park building, the Newark Museum and public library, and the Broad Street train station - is part of an ongoing commercial build up of Broad Street.
Its grand re-opening last week was held the same day as that of its neighbor, Rutgers's new luxury dorm skyscraper.
"Newark's Washington Park district is a diverse and flourishing area that is rich in history and filled with cultural, educational and business opportunities," Essex County Executive Joseph DiVincenzo said in a statement.
"The addition of the newly renovated and expanded 494 Broad Street will further strengthen the area, create jobs and contribute to the vitality of the city."
According to Fidelco, the construction project created about 400 temporary jobs, and will house about 1,000 permanent office jobs. It is currently occupied by more than a dozen companies and organizations, including Cablevision, Genova Burns Attorneys, and several educational organizations, like the Newark Trust for Education.
Berson said the renovated building is just one sign of more development to come in the area.
"The next big, thrust, I think, will be residential development," he said. "We've seen the need...and that will be a game changer."
Jessica Mazzola may be reached at jmazzola@njadvancemedia.com. Follow her on Twitter @JessMazzola. Find NJ.com on Facebook.