Now, owner US Realty and Investment Co. is joining the wave of modern technology--and the trend of converting aging industrial real estate into dot-com palaces--with its plan to turn most of it into a "carrier hotel," an information superhighway hub and warehouse of electronic information. One plus: a branch of the country's main fiber-optic artery, owned by AT&T and MCI Worldcom, runs along an adjacent railroad track.
On the downside, the site will require $25 million worth of remediation to clean up PCB, heavy metal and other contamination. The building would be the third carrier hotel in Newark: the old Macy's building is one, and IDT Corp. is creating the second at its nearby headquarters.
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