It’s a Newark kind of week, I guess. In this one, the city is trying to entice NewPark Mall’s owners to spend some money to revitalize it. Will it be worth it?
NEWARK — City leaders tired of seeing stores leave outdated NewPark Mall for shiny, new Pacific Commons in Fremont are fighting back to restore the shopping hub’s luster and regain lost tax revenue, in part by appealing to a taste for films and finer food.
Newark’s first salvo in the shopping center arms race lies in a deal it has struck with Rouse Properties, NewPark’s owner: In return for improvements, the city will for 18 years give Rouse 80 percent of the mall’s annual sales tax revenue above the existing base.
Rouse has agreed to spend at least $40 million on mall upgrades, building upscale restaurants and fancier shopping and entertainment options, and replacing the closed Cinedome theater with at least a 10-screen multiplex.
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