Downtown Newark will see the redevelopment of two landmark buildings into a new headquarters for Horizon Blue Cross Blue Shield of New Jersey, 1,000 apartments, and retail space.
The buildings are on Penn Plaza East and are next to Newark Penn Station. They also include the current headquarters of Horizon and the former home of the corporate office of NJ Transit. The property offers views of the New York City skyline and the Passaic River.
Horizon Blue Cross Blue Shield and NJ Transit are looking to redevelop Penn Plaza East into a “premier mixed-use development.” The commercial real estate companies, JLL and CBRE, Inc., will collaborate on behalf of the two organizations to solicit bids on the project.
Kris Kolluri, President and CEO of NJ Transit, said the redevelopment of this property is an important step in advancing their commitment to unlocking new value from their assets and advancing their real estate strategy. He added that this project will contribute to economic growth across the state and in cities such as Newark with the creation of housing, new jobs, and long-term investment.
The project plans to use the ASPIRE Transformative Project Program run by New Jersey Economic Development. This is a tax credit incentive that fills financing shortfalls for major mixed-use projects aimed at long-term city revitalization.
Banner printing is often used at such sites to inform residents, visitors, and commuters of such potential projects.
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