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SEARCHThe project is a two-phase process that also includes a new headquarters for Horizon in downtown Newark.
Located within the city’s Newark River Redevelopment Plan, the site could accommodate up to 1,000 units of residential development in addition to integrated retail and structured parking.
Photo: METRO
NJ TRANSIT and Horizon Blue Cross Blue Shield of New Jersey began exploring opportunities to redevelop Penn Plaza East, its former headquarters building adjacent to the historic Newark Penn Station, into a potential premier mixed-use development.
The project is a two-phase process that also includes a new headquarters for Horizon in downtown Newark.
“The redevelopment of our former headquarters property is a key step in advancing our real estate strategy and our commitment to unlocking new value from our assets,” said NJ TRANSIT President and CEO Kris Kolluri. “Aligned with the recent launch of our LAND Plan, this project reflects our disciplined approach to generating incremental revenue for NJ TRANSIT, while contributing to economic growth across the state and in cities such as Newark through new jobs, housing, and long-term investment.”
Led by JLL and CBRE, NJ TRANSIT envisions its former headquarters and Horizon headquarters at 1 Penn Plaza East and 3 Penn Plaza East as a prime opportunity for a premier mixed-use, multi-housing development spanning three acres, with sweeping, unobstructed views of the Passaic River and the Manhattan skyline. It also offers easy access to historic Newark Penn Station.
Located within the city’s Newark River Redevelopment Plan, the site could accommodate up to 1,000 units of residential development in addition to integrated retail and structured parking. It is also within proximity to Newark’s historic Ironbound neighborhood, known for its restaurants and vibrant community.
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