Newark foundation optimistic over response to survey.

The New Newark Foundation (NNF). a non-profit organization committed to revitalizing Downtown Newark, recently announced the receipt of 18 submissions to its recent Request for Expression of Interest (RFEI) to develop four downtown parcels within its project area.

According to James A. Schmidt, New Newark Foundation's executive director, the response is extremely positive. "When, after the release of the RFEI, we had such a terrific turnout for tours of the development area, we were hopeful that the response would be strong," said Schmidt. "Today , we're thrilled by the number of responses."

The parcels described in the RFEI include redevelopment of Broad St.'s Hahne's building, redevelopment of the Griffith building, and the development of two parcels on a parking lot site immediately south of the Hahne's building.

The responses, which were received by NNF last week, will now enter the review phaze. "Over the course of the next few months, the submissions will be summarized, clarified, and evaluated," Schmidt said.

According to Schmidt, interviews will be held before a preferred development team is chosen. The NNF will maintain flexibility in this process in order to accomplish the objectives of its overall development plan, which envisions a rejuvenated Broad St. to better serve local residents and to attract additional residents and visitors to Newark's downtown.

To assist in the review process, New Newark Foundation has retained the real estate advisory services of Ernst & Young, a professional real estate services organization, to aid NNF in formulating criteria for the evaluating the responses, reviewing the submissions, and providing necessary technical analysis.

"We are pleased to move from the acquisition and planning stages into implementation," said Dr. John J. Petillo, president of NNF's board of directors. Petillo said that once the responses are summarized and analyzed, they will be evaluated by NNF's RFEI review committee and its board of directors. "We're looking forward to an evaluation process that will be expedient, thorough, and fair," he said.

Selection of a development partner for the project is expected to take place in Spring 2001.

Newark's mayor Sharpe James, who sits on NNF's board of directors, said the response to the RFEI reflects the "broad-based" interest and excitement about Newark's emerging renaissance. "We are pleased by the enthusiasm shown by investors eager to develop this very important real estate, which is key to the overall revitalization of Downtown Newark. The City stands ready to assist and looks forward to working with New Newark Foundation and its future development team," he said.