Mixed-use project planned for Newark train station area

May 30, 2018 by  

The development of a large mixed-use complex next to the Newark Broad Street Station has recently been announced by Aetna Realty and SJP Properties of New York.

The two companies will be working together on a project that will be two million square feet in area and includes residential, hotel, and retail elements. It will sit on 3.7-acre area that will allow for a large public plaza along Orange Street and University Avenue.

The project will be designed by Gensler, an architecture and planning firm based in New York City, and is expected to cost as much as $1bn.

As this project is on the former Westinghouse property, the two companies will be eligible for the Grow NJ assistance program and other incentives of an economic nature. David Braka of Aetna Realty commented that many factors came together to make this project possible. The former Westinghouse property has great potential, SJP Properties was considered the ideal partner, and the location of the property in a transit-oriented area make it a great development opportunity for Newark, which is currently experiencing a tremendous amount of revitalization.

Newark Mayor Ras Baraka added that the creation of these types of transit villages is very important for his administration.

Promotional products can be used to advertise the many new benefits and services of such developments for the community.