Haute 100 LA Update: Nicolas Berggruen Begins Ambitious Newark Development Project

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Nicolas Berggruen is taking on rebuilding downtown Newark, New Jersey.

The billionaire’s investment company, Berggruen Holdings, is in the first phrase of its “SoMa” Newark Development project (South of Market Street).

World-renowned architect and native Newark resident Richard Meier is spearheading the project.

“SoMa” will be fully realized in 20 years and will eventually take over 15,000,000 square feet of the city including 8,000 residential units, 550,000 square feet of retail space, 4,750,000 square feet of office space and nearly 8 acres of open space. 

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