the staff of the Ridgewood blog
Newark NJ, “Today’s announcement represents the single most critical moment in Newark’s revival as a business location in a generation,” says John Saraceno, principal of Onyx Equities, LLC, owner and operator of Gateway 1, 2 and 4. “Many companies are re-thinking their long-term plans, and the shared vision for Newark Penn Station among NJ Transit, the City of Newark, and the Murphy administration is sure to elevate Newark as a prospective location for businesses.
Onyx Equities, LLC, owns the Enclave at Ridgewood 48 North Maple Avenue and the old Selfonds site at 257 Ridgewood Avenue
“With the improvements Onyx is making to our Gateway complex, nearly $200 million is being invested in Newark’s front door which is sure to stimulate even more activity in an area that already had renewed energy.
“Gateway’s new “Jewel Box” entryway and redeveloped concourses will provide travelers to Newark Penn Station with world-class street level and indoor access from Newark Penn Station not only to Gateway, but to the balance of the downtown business district.
“These improvements to Newark’s front door will be transformational not only because they enhance the commuter experience with a compelling retail environment, but because they provide a new customer base to Newark’s local business community.”
Onyx Equities and its partners purchased 1, 2 and 4 Gateway in 2018, immediately implementing an extensive capital improvement project that includes 10,000 square feet of street facing retail that, together with the Newark Penn Station renovations, will transform the Gateway section of Newark into a bustling center of international commerce.
For a rendering of the Jewel Box entryway click here.
Great idea…. only its 30 years too late.
Now it will just be another financial disaster for Newark and NJ taxpayers.
Think “Xanadu” in the Meadowlands…