SJP, Aetna Form JV for 2 MSF NJ Redevelopment
- May 02, 2018
SJP Properties and Aetna Realty have established a joint venture to redevelop a site that had been home to a Westinghouse electrical equipment manufacturing plant in downtown Newark, N.J. The partners will transform the 3.7-acre property into a mixed-use destination as large as 2 million square feet.
Spanning a full city block along Orange Street, the Westinghouse property sits just across from the Newark Broad Street Station in the North Broad Street District, an area that is evolving into a technology and business hub. “This property’s exceptional transit-oriented location positions it as one of the best development opportunities in a city currently experiencing an unprecedented revitalization,” David Braka, vice president with Aetna Realty, said in a prepared statement.
SJP and Aetna’s plans for the pedestrian-friendly, Gensler-designed project have not been written in stone; however, retail, lodging and residential accommodations are on the list of possible offerings. Office space will certainly be part of the mix. “Newark has definitively established itself as a city on the rise, with a growing number of corporations realizing that Newark offers exceptional access to a highly skilled workforce, and accessibility via a robust public transit network and direct access to the I-280 corridor,” Steven Pozycki, CEO of SJP Properties, noted in prepared remarks.
A winning trend
The Westinghouse project fits with a trend in the Newark real estate market: construction, construction, construction. As Braka remarked, the city is in revitalization mode, and the evidence is in the form of new and redeveloped properties, particularly in the downtown area. Wyndham Hotel Group opened TRYP by Wyndham, a 101-key hotel, in April 2018. Edison Properties is planning to transform a former warehouse into the 465,000-square-foot Ironside Newark, which will feature the first speculative office space to hit the market in the city in three decades. Lotus Equity Group will build a $1.7 billion mixed-use development on the site of the former Newark Bears and Eagles Stadium. And the list goes on.
Image courtesy of SJP Properties