LeFrak starting round two of waterfront community.

It was almost exactly 20 years ago (June 4, 1986) that ground was officially broken for Jersey City's Newport Development--the largest mixed-use waterfront community in America. Now, Richard LeFrak, chairman and president of the LeFrak Organization, has marked the occasion by unveiling plans for four new high-rise buildings representing the "beginning of the second phase of construction" for Newport.

Flanked by his development partners, Melvin and Herbert Simon, co-chairmen of Melvin Simon & Associates, as well as a host of federal, state and local dignitaries, including New Jersey Governor Jon S. Corzine, U.S. Senator Frank Lautenberg, and Jersey City Mayor Jerramiah Healy, LeFrak made the announcement during the 20th Anniversary ground-breaking ceremonies at the site of the new 429room Westin Newport--Jersey City Hotel.

LeFrak also revealed plans for three distinctive residential towers that will add another 688 rental apartments and 220 more condominium homes to the bustling cosmopolitan community. "Two decades ago my father, Sam LeFrak, and I and our partners, Mel and Herb Simon, stood here and promised to transform abandoned and deteriorated rail yard terminals and river piers into a showcase community of retail, residential, office, leisure, dining and entertainment facilities," asserted LeFrak. "Today we're here to acknowledge that we kept that promise, and to make another--to complete our master plan for the entire site, starting with four spectacular new buildings that will not only enhance Newport but continue the remarkable renaissance of New Jersey's Gold Coast."

Since construction began in 1986, the LeFrak/Simon Partnership has invested nearly $2.5 billion in Newport. More than 16 million s/f of mixed-use development also have been completed, and an additional nine million s.f still can be accommodated.

Newport presently consists of nine high-rise rental apartment buildings with 3,476 units (100% occupied); two condominium buildings (659 apartments--100% sold); a 1.2-million s/f regional shopping mall, 5 million s/f of office space in eight state-of-the-art commercial towers, over 600,000 s/f of additional outdoor retail facilities; restaurants, parks, playgrounds, a Swim Club and Fitness Center, private schools, 1.5-mile section of the Hudson River Waterfront Walkway, a marina accommodating as many as 180 boats, a 190-room Marriott Hotel, and on-site parking for more than 14,000 vehicles.

Newport's economic impact on the area has been extraordinary. A recent independent study by the Edward J. Bloustein School of Planning and Public Policy at Rutgers University concluded that since 1986 Newport has created over 22,500 construction jobs and currently sustains 40,000 permanent jobs in New Jersey. In addition, the community has paid $1.3 billion of City and State Tax Revenues since construction began 20 years ago. Moreover, the Newport area now produces a net financial windfall to the city of $23.1 million per year today.