Brick City, Newark, in New Jersey, is set to get a brand new modern shopping center, the Springfield Avenue Marketplace. An empty lot in the heart of Newark has been booked for the construction of the huge complex.
The value of the complex currently stands at $100 million and is expected to include 200,000 square feet of commercial and retail space. The place will also have 164 apartments that will be sold at market rates, reports Real Deal.
The many stores that will open in the complex will create a number of jobs for the people of Newark.
The complex is being developed by Tucker Development Corporation, a Chicago-based construction firm. On the verge of completion, it's most likely Wal-Mart will be opening an outlet in the complex. The development firm has not yet signed any express contracts with the retail giant but is keen on it. However, representatives of Wal-Mart claimed that any new projects in the Newark area were unannounced, reports The Wall Street Journal.
Rumors that Wal-Mart may be opening a grocery outlet in the complex have not gone down well with the citizenry. In December 2012, residents of Newark agitated on the steps of the city hall to prevent the retail giant's entry into the upcoming marketplace. Wal-Mart has a reputation of not providing its employees with satisfactory remuneration, which had kicked off the agitation, reports Newark Patch.
"It's not that we don't want development, we want to see a good employer come in there and bring in decent jobs," Charles Hall Jr., head of New Jersey's Working Families United told the WSJ.
Wal-Mart claimed that it would be a good fit for the city's new marketplace because its remuneration rates are equal or better than the wages offered by other retail chains of Newark. The city planning board met after the agitation in which Tucker asked the board to delay hearing on the proposal until Jan. 10, 2013, reports Newark Patch.
The deal is almost "75 to 80 percent down the line", a source familiar with the negotiations told The WSJ.
Wal-Mart's entry into Newark will definitely prove to be useful both in terms of employment and revenue generation. The complex is expected to be operational by 2014, reports the WSJ.
