Wednesday, March 9, 2016

Newark's Triangle Park Project Moves Forward

Newark, New Jersey: After 11 years of planning, construction on the new Triangle Park in Newark could finally begin soon.

The park, when completed, will link Peter Francisco Park near Newark Penn Station in Newark's Ironbound neighborhood with the Prudential Center in Downtown Newark. It will cross over the tracks used by NJ Transit, Amtrak, and PATH just south of the station using a sky bridge. Currently, most the land where Triangle Park will be built on is either vacant or contains parking lots. There is currently an abandoned bridge over the tracks at the site.

Officials with the City of Newark, Edison Properties, and the Newark Community Economic Development Corporation (CEDC) are holding a press conference today regarding the plans for the 22 acre park. The Newark CEDC began soliciting proposals for park design services last week.

According to the City, the park "will include public, open spaces, and much-desired commercial and residential units, all of which will boost Newark's tax base".

J&L Parking Corporation and Edison Properties, both of which currently own the parking lots, "will oversee development of the commercial and residential units", a statement from the City says. 

Edison Properties is one of the largest Downtown Newark property owners, owning several Edison ParkFast facilities. In recent years, the company has torn down several buildings in both Downtown and in the Ironbound to build parking lots.

According to the Newark CEDC, the project is expected to cost between $20,000,000 and $30,000,000.

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