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Matrix Plots Mixed-Use Course for Waterfront Site

NEWARK-The developer, which is under contract to buy a choice 5.7-acre tract on the Passaic River, is apparently looking to put up a project dominated by market-priced residential units, and possibly a hotel.

By Eric Peterson | Updated on July 23, 2002

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.

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