NEWARK-Prudential Financial is now focused on a site near Military Park in downtown Newark for a planned $444 million office tower to house 2,000 employees it will relocate from the Gateway Center complex two years from now.
The insurance giant, which is based in Newark, signaled the site change last week when it filed an amendment to its already-approved application for $250.8 million in tax credits with the state Economic Development Authority. Previously, the company was considering a site near the New Jersey Performing Arts Center, elsewhere in downtown Newark.
The new 3.25-acre site between Broad and Halsey streets comprises nine parcels in an area that city officials have long deemed ripe for redevelopment. It is only blocks north of the Teacher’s Village site, where ground was broken last month for a $149 million complex with residential, educational and retail components.
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