Jones Lang LaSalle

GlobeSt.com UPDATE: Arena Project Gets New Overseer
By Eric Peterson
Last updated: February 1, 2006 10:17am

NEWARK-The Newark Housing Authority is out and the Newark Downtown Core Redevelopment Corp. is in as the controlling agency for the new $310-million arena now under construction for the New Jersey Devils hockey team here. According to a published report, city officials made the change at the recommendation of HUD, which has been reviewing the housing authority’s financial management practices for about 18 months.

While city officials would not comment further, some details of the new agency have been released. The NDCRC will be headed by city administrator Richard Monteilh, who has largely functioned as the city’s lead negotiator for the project. The new agency will also have a four-member board, consisting of Zinnerford Smith, head of the Newark Watershed and Development Corp. and a member of the housing authority’s board; John Jones, the assistant director of economic development for the city; Robert Altenkirch, president of the New Jersey Institute of Technology, which is located in Newark; and housing authority board member Karen Torian.

Also, according to city officials, the housing authority will stay on as the agency of record for the project, mostly to deal with eminent domain issues if they arise. The NDCRC will oversee the project as a housing authority contractor.