Real Estate
Former Westinghouse Property In Newark To Be Redeveloped
Developers: The former Westinghouse property near Newark Broad Street Station will become an office, retail, hotel and residential complex.
NEWARK, NJ — SJP Properties and Aetna Realty of New York City are teaming up to launch a massive redevelopment project at the former Westinghouse property adjacent to the Newark Broad Street Station.
On Monday, the companies announced their plan to construct a two million-square-foot, mixed-use complex at the 3.7-acre site, including office, retail, hotel and residential components. The development will be anchored by a large public plaza along University Avenue and Orange Street.
The two companies plan to spend as much as $1 billion on the project, Bloomberg.com reported.
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New York City office of global architecture and planning firm Gensler will design the development.
“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.”
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According to a news release from SJP Properties and Aetna Realty of New York City, companies that locate to the former Westinghouse site will be eligible for New Jersey’s “Grow NJ” assistance program and “other economic incentives.”
“Creating ‘transit villages’ around both of our train stations is a high priority for my administration, Newark Mayor Ras Baraka said. “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.”
- See related article: Don't Believe The Cynicism (Newark Is On The Rise), Mayor Says
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Rendering of the concept plan for the development, via Beckerman PR
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