$1B Mixed-Use Project Proposed in Newark

May 01, 2018

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.”

About the author

Phil Hall

Link copied

Published

May 01, 2018

Analysis and Data

Mortgage Industry Despairs Over Positive Jobs Report

Leading to 'crushed' expectations of another significant rate cut

The September jobs report came back with flying colors, adding far more jobs than Wall Street economists projected while the unemployment rate ticked down, leading to what can only be called a crushing defeat for mortgage professionals. In response, the average rate for the ...

People On The Move

Pennymac Shakes Up Capital Markets Team

William Chang, Pennymac’s long-time capital markets leader, to "pursue other interests in the mortgage banking industry."

PennyMac Financial Services, Inc. and PennyMac Mortgage Investment Trust announced Thursday that William Chang will step down from his roles as Senior Managing Director and Chief Capital Markets Officer at PFSI, and Senior Managing Director and Chief Investment Officer at PM...