Newark is continuing its transformation into one of the region’s foremost business hubs with last week’s announcement about the redevelopment of the former Westinghouse property. The 3.7-acre site, which is situated adjacent to New Jersey Transit’s Newark Broad Street station, represents a significant transit-oriented redevelopment opportunity in Newark.
SJP Properties has created a joint-venture with Aetna Realty of New York City for the redevelopment. “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,” stated David Braka of Aetna Realty.
Conceptual plans for the property include office space, retail stores, a hotel, and residential units in up to two million square feet of space. A large public plaza will add to the pedestrian experience and will enhance connectivity to the train station. Newark Mayor Ras J. Baraka says of the plans, “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.”
SJP and Aetna are utilizing the New York City office of global architecture and planning firm Gensler to design the development. This redevelopment has the potential to accelerate the North Broad Street District’s transformation into a tech and business corridor, which is already home to companies such as Audible.com, IDT, Cablevision, and Genova Burns.
“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,” says Steven J. Pozycki, CEO of SJP Properties.
Other recent notable Newark projects include the new 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, and a new luxury apartment tower, One Theater Square. Appeals to corporations to have roots in Newark besides the accessible transportation (Amtrak, NJ Transit, PATH services, and Newark Liberty International Airport) include an extensive dark fiber network which ensures fast internet connectivity and the city’s talent pool of more than 60,000 college students.
