NEWARK | Westinghouse Development | FT | FLOORS

[NYguy]

This is finally getting underway...


https://www.bloomberg.com/news/artic...street-station

A $1 Billion Real Estate Boost for Battered Newark


By David M Levitt
April 30, 2018

SJP Properties and Aetna Realty are planning to spend as much as $1 billion on a project beside a Newark, New Jersey, commuter-rail hub, the latest in a spree
of upscale developments that have brought new optimism to the long-suffering city.

SJP and Aetna, both based in New York, envision offices, stores, a hotel, homes and a large public plaza next to the Broad Street hub.
The station is one of two in New Jersey’s largest city, the other being Newark Penn Station, about a mile to the southeast.

Steven J. Pozycki, founder and chief executive officer of SJP, said it will be critical to find a company to move in and anchor the development.
The location, which is accessible by mass transit and car and minutes from Newark Liberty International Airport, should act as a magnet, he said.
The 2 million-square-foot (185,000-square-meter) project will run along University Avenue and Orange Street, at the site of a former
Westinghouse Electric Co. factory.

Mayor Ras Baraka, in a statement to be released Monday, said his administration is committed to building “transit villages” around the city’s train stations
to increase ridership, reduce pollution and create more affordable housing. New Jersey has been encouraging high-density residential development around its stations.

[Marv95]

"Battered" lol. These type of people who write this garbage from these MSM sites haven't stepped foot anywhere the city since the 80s(or at all) I bet. Half-assed and poorly managed, okay. Maligned, fine. But "battered", especially downtown?

Anyways I guess the site has been decontaminated? It's prime real estate after the arena district/Penn Station so it make sense to put something there. A corporate anchor isn't needed if you just focus on the housing/hotel aspect.

[NYguy]

^ They've been doing "something" for the past few years. This site, along with the Lincoln Hotel site and the Bears Stadium (which is also getting a major development) are the main sites around the station to be developed.

[JMKeynes]

Amazon would be crazy not to come here.

[NYguy]

Originally Posted by JMKeynes

Amazon would be crazy not to come here.

Amazon isn't going to anchor this, they're in need of a much larger development, obviously.

[Marv95]

^Yeah they've been working on it by the looks of it.

This, Bears Stadium across the street, all prime real estate. I do like that rendering, parking garage included. Not really tall but it doesn't need to be. I just wish NJT was smart to put the light rail underground back in 2006.

[NYguy]

Originally Posted by Marv95

^Yeah they've been working on it by the looks of it.

This, Bears Stadium across the street, all prime real estate. I do like that rendering, parking garage included. Not really tall but it doesn't need to be. I just wish NJT was smart to put the light rail underground back in 2006.

I was looking at that base and hoping it was not parking. The point of being next to the station is lost, plus the traffic hardly moves. I don't see the logic of it. I do like the retail base though, something to activate streetlife.

[JMKeynes]

Originally Posted by NYguy

Amazon isn't going to anchor this, they're in need of a much larger development, obviously.

I know. I'm saying that they should come to Newark and take an additional 750k sf in the WTC.

[towerpower123]

Newark's proposal for Amazon is spread across several sites, including this, the Bears Stadium site which also includes the Lincoln Motel site, the Matrix waterfront site, and the mass of parking lots between Prudential and the rail lines. Altogether, they could easily hold 5,000,000 square feet. Most other proposals are also multi-site projects rather than one single isolated campus. It is far better to spread them out to ensure the area remains accessible to the public, rather than entirely privatized.

[chris08876]

The boom is slowly starting. Anybody starting to notice the optimism with a flurry of new developments arising or news of big things within the last 2 months? Big thing are happening in the shadows and poking their heads out!

[NYguy]

Originally Posted by towerpower123

Newark's proposal for Amazon is spread across several sites, including this, the Bears Stadium site which also includes the Lincoln Motel site, the Matrix waterfront site, and the mass of parking lots between Prudential and the rail lines. Altogether, they could easily hold 5,000,000 square feet. Most other proposals are also multi-site projects rather than one single isolated campus. It is far better to spread them out to ensure the area remains accessible to the public, rather than entirely privatized.

Whis is why it won't go anywhere. Amazon wants a campus like development, but I don't want to bog this thread down with Amazon, as this isn't a proposal for Amazon.

The developers want a tenant to get the project moving forward, and now that a vision is finally in place for what will get done here, it needs to move forward.


Meanwhile, I'm all for transit related development.


http://www.njbiz.com/article/2018043...house-property

Newark Mayor Ras Baraka said the creation of transit villages around the city’s two train stations is a high priority for his administration.

“This strategy increases public transportation ridership, reduces automobile air pollution, and creates more affordable housing and vital new neighborhoods,” Baraka said. “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 Properties CEO Steven Pozycki said Newark has established itself as a city on the rise.

“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,” he said.

[dc_denizen]

Battered, wuh

[chris08876]

Newark is an ideal bedroom community, but I hope it becomes more than that with the flurry of developments that I expect will be revealed in the next two years. Instead of a bedroom community, more in tune with a grand business node. Residents are nice, but the city needs more tenants of various industries. New or expanded business will be key. With that, along with new residents, is the glue that holds them all together, transit!