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Riverside Site Sells In Newark

Hotel Booking A Cranbury developer yesterday said it bought a stretch of prime land along the Passaic River in downtown Newark, where it plans to build a $250 million apartment-hotel complex.

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Travel Agency Matrix Development Group said it closed on the $7 million purchase of a 5.5 acre tract along the river's edge between the 12-story regional FBI headquarters and the Legal Communication Building.

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Cheap Hotel The company also said it signed a contract earlier this month to buy a vacant lot at the busy intersection of McCarter Highway and Raymond Boulevard, where the support beams are in place for a high-rise tower.

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Flight Booking The deal places Matrix, along with Cogswell Realty Group, a New York City company, at the forefront of a drive to build luxury downtown housing.

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Travel Agent It also give Matrix control of the most visible land on the Newark waterfront, where urban planners, elected officials and developers have long coveted a signature project that could redefine New Jersey's largest city.

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Hotel Chicago "We believe this has lots of value and is the last piece of the puzzle for us in Newark," said Joseph Taylor, president and chief executive of Matrix. "This is a sizable project for any company."

Online Booking Last August, Matrix signed a 99-year lease of the Newark Legal Center, the pink-trimmed high-rise near Penn Station. The rear of the building faces the Passaic waterfront and next to it is the vacant lot owned by Boston Financial Corp.

Travel Health Insurance In the next five years, Taylor said, the company plans to build at least two high-rise towers with a hotel, parking garage and as many as 800 apartments. They would be connected by a plaza and walkways.

Hotel Reservation Elsewhere in Newark, Cogswell Realty plans to start work this year on transforming the old Hahne & Co. department store and a vacant 37-story office building at 1180 Raymond Boulevard into luxury apartments.

London Hotel Booking "There's a lot of big things going on," said Richard Monteilh, Newark's business administrator, after a lunch speech yesterday to a private downtown real estate group. "What we're trying to create is excitement and facilitate that. Government doesn't rebuild cities, private enterprise does."

Discount Travel Matrix, which is privately held, owns golf courses, office buildings, industrial parks and apartments in New Jersey, Pennsylvania, Ohio and North Carolina. In recent years, it has turned its attention toward projects in urban centers.

Orlando Hotel The Legal Communication Building and the unused development pad Matrix is under contract to purchase were completed in 1985.

Booking Agency Over the years, a parade of big-name developers bought options to buy the site. But they all walked away after failing to put together viable deals.

International Travel Medical "We're firm," Taylor said. "We've made our deposit. We can't cancel the closing."

New York Hotel Matrix plans to build an office on the site immediately, he said, even with a slump in commercial space cutting demand for an office tower.

Online Travel Booking Public Service Enterprise Group has attempted for four years to sell the 5.5 acres by the waterfront. It was largely forgotten former industrial land, where the grass grew tall and wild until NJPAC opened in 1997.

Travel Medical Insurance Newark and city boosters proposed a major park along the Passaic from Bridge Street to the Ironbound, and federal money was earmarked for the project. But in an abrupt change of direction, Newark City Hall approved construction of the FBI office.

Miami Hotel Matrix's Taylor said the FBI building, which is leased to the government by a Long Island developer, was a mistake.

Air Deccan Booking He said the building sits too close to the waterfront and promises to create traffic jams, even after work is completed over the next two years to widen McCarter Highway. "The design does not support the goal of waterfront access," he said.

Las Vegas Nevada Travel "As we move forward with our (zoning) approvals, it is going to reveal problems with the FBI building design," Taylor said. "It will get a little wild and woolly."

Las Vegas Nv Hotel By George E. Jordon
Star-Ledger - 1/24/2003

Topic: Rivers

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