A pair of New York City developers are proposing a $1 billion mixed-used project to be located in the heart of Newark, N.J.
According to a NJBIZ report
, SJP Properties and Aetna Realty will be redeveloping the 3.7-acre former site of the Westinghouse factory into a two million-square-foot development that will include residential, retail, hotel and office components, surrounded by a public plaza. To incentivize a business presence, companies that locate to the site will be eligible for New Jersey’s “Grow NJ” assistance program.
The site is immediately adjacent to the Newark Broad Street Station and is being presented as a major enticement for both downtown living and mass transit usage.
“This strategy increases public transportation ridership, reduces automobile air pollution, and creates more affordable housing and vital new neighborhoods,” said Newark Mayor Ras Baraka. “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.”