Developers and city officials in Newark cut the ribbon Wednesday on One Theater Square on Center Street.

The 22-story building is the city’s first new luxury residential high rise in 50 years.

The building has 245 rental units, a gym and a parking lot.

According to city officials, its proximity to mass transit makes it desirable.

Developers say the building is the latest step in the ongoing downtown revival.

"One Theater Square is a transformation project,” says developer Carl Dranoff. “It's that big anchor project you need to kick start a whole transformation of a neighborhood.”

At least 100 of the units have already been rented.

Ten percent of them will be available as affordable housing, renting for under $1,000 a month.