Two developers place $1B bet on Newark

SJP Properties and Aetna Realty are betting big on Newark — $1 billion big.

The two companies are planning to invest up to $1 billion in the New Jersey city on a massive new development by its Broad Street transportation hub, according to Bloomberg. They envision the project as a 2 million-square-foot mixed-use complex with offices, homes, a hotel, stores and a large public plaza.

SJP is optimistic that the development’s location will make it an attractive destination for tenants, as it is close to Newark Liberty International Airport and easily accessible by public transportation and driving.

Newark has long suffered from a reputation for poverty and crime, but the SJP and Aetna project is just the latest in a string of large developments coming to the city, located only 10 miles outside of Manhattan. A new Prudential Financial office tower is going up; the former New Jersey Bell skyscraper is being converted into apartments; and an abandoned department store is getting converted into a mixed-use property that will include a Whole Foods. The city also made Amazon’s shortlist of 20 places for its second headquarters. [Bloomberg] – Eddie Small