SJP Properties has created a joint-venture with Aetna Realty to redevelop the former Westinghouse property adjacent to the Newark Broad Street Station in Newark, NJ.
The 3.7-acre site will include two million square feet of mixed-use development, to potentially include office, retail, hotel and residential components.
The development will be anchored by a large public plaza along University Avenue and Orange Street, enhancing connectivity to the train station.
Newark Mayor Ras J. Baraka said, “Creating ‘transit villages’ around both of our train stations is a high priority for my administration. This strategy increases public transportation ridership, reduces automobile air pollution, and creates more affordable housing and vital new neighborhoods.
“Redevelopment of the former Westinghouse site accomplishes these goals. It will accelerate the momentum underway with development around the Broad Street Station and be an important part of the smart development propelling Newark’s attraction as a national business hub.”
SJP and Aetna have tapped the New York City office of global architecture and planning firm Gensler to design the development.
The developers believe the redevelopment has the potential to accelerate the North Broad Street District’s transformation into a tech and business corridor, anchored by such companies as Audibe.com, IDT, Cablevision and Genova Burns.
“Under the leadership of Mayor Baraka, Newark has definitively established itself as a city on the rise, with a growing number of corporations realizing that Newark offers exceptional access to a highly skilled workforce, and accessibility via a robust public transit network and direct access to the I280 corridor,” said Steven J. Pozycki, CEO of SJP Properties.
“This redevelopment site presents a unique opportunity for companies looking to position themselves within the booming North Broad Street District, directly across the Midtown direct train line and among the numerous cultural, educational and retail opportunities that downtown Newark has to offer.”
Over the past several years, notable Newark projects have included the new state-of-the-art headquarters for Prudential Financial and Panasonic Corporation of North America, both developed by SJP Properties; the repositioning of the Hahne’s Department Store across from Military park into a mixed-use development with a Whole Foods and new restaurant by celebrity chef Marcus Samuelsson; the mixed-use Teacher’s Village project; and the new luxury apartment tower, One Theater Square, adjacent to the New Jersey Performing Arts Center (NJPAC).
“We have long recognized the redevelopment potential of the former Westinghouse site, and saw SJP Properties as the ideal partner to deliver a world-class development that will attract the right mix of high-quality tenants to this area of downtown Newark,” said David Braka of Aetna Realty.
“This property’s exceptional transit-oriented location positions it as one of the best development opportunities in a city currently experiencing an unprecedented revitalization.”
In addition to the city’s extensive train network – including Amtrak, NJ Transit and PATH services – downtown Newark is 10 minutes from Newark Liberty International Airport and is home to the nation’s third-largest seaport.
The city’s also has one of the most extensive dark fiber networks in the world, ensuring the fastest internet connectivity for companies that locate within the Brick City.
Today, Newark is home to 21 Fortune 500 companies across an array of industries, including finance, media, technology, consumer products, insurance and fashion.
Companies that locate to the former Westinghouse site will be eligible for New Jersey’s “Grow NJ” assistance program and other economic incentives.