Dealmaker: SJP Properties, Aetna Realty to Build 2M Sq. Ft. Newark, N.J Mixed-Use Development

SJP Properties and Aetna Realty announced plans to redevelop a former Westinghouse property in Newark, N.J.’s North Broad Street District.

Bloomberg reported the venture plans to invest up to $1 billion to redevelop the 3.7-acre site next to the Newark Broad Street Station.

SJP and Aetna Realty, both headquartered in New York, plan to build nearly two million square feet of transit-oriented mixed-use development on the site at 95 Orange Street, potentially including office, retail, hotel and residential components.

Newark Mayor Ras Baraka said creating “transit villages” around both of Newark’s train stations is a high priority for the city because it increases public transportation ridership, reduces automobile air pollution and creates more affordable housing. “Redevelopment of the former Westinghouse site accomplishes these goals,” he said. “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 called Newark a “city on the rise,” as more corporations move to the area. More than 20 Fortune 500 companies currently have headquarters in the city including Prudential Financial and Panasonic Corp. of North America.

“This redevelopment site presents a unique opportunity for companies looking to position themselves within the booming North Broad Street District, directly across the Midtown (New York) direct train line and among the numerous cultural, educational and retail opportunities that downtown Newark has to offer,” Pozycki said.

Newark is home to the nation’s third-largest seaport; its transportation infrastructure includes Amtrak, New Jersey Transit and PATH train service. Newark Liberty International Airport is 10 minutes from downtown Newark.