NEWARK-Matrix Development Group, mostly known as a suburban player, has taken to New Jersey's cities in a big way, and a 5.7-acre site within this city's Passaic riverfront redevelopment area could be the company's next step to urban prominence. The company is under contract to buy the site, which abuts the new FBI headquarters building currently rising, for a reported $7 million. Public Service Electric & Gas, the state's largest utility, currently owns the property.

While no specific development plans have been announced by the Cranbury, NJ-based Matrix yet, company officials indicate that they intend the project to include mixed uses. According to a published report, that mix could be dominated by something city officials covet most – downtown housing. A hotel would also likely be part of the mix.

Besides snapping up properties in some of New Jersey's smaller cities, notably New Brunswick, Matrix made its big urban splash earlier this year by leasing from the Port Authority of NY/NJ, for 99 years, the Legal Center at One Riverfront Plaza. The PSE&G site is located close by.