Comments
Juicey_J_Hammerman t1_j7uj4sq wrote
Since NJTransit owns it outright now, I can't help but wonder if they would consider selling it to a developer with renovation/retrofitting/conversion to something else within a certain period of time as a condition of the sale?
either way, at least Gateway Center should see more foot traffic now.
TrafficSNAFU t1_j7uqbr3 wrote
I was thinking a conversion might be a good use for the building. Another opportunity for more TOD.
Juicey_J_Hammerman t1_j7ut0n3 wrote
NJ transit said in the article that they balked in part due to the $100M est price tag to renovate and the fact that it would have to be done in stages over several years while they were still occupying the building. Developers may be more willing to shell out the former if they don’t have to worry about the latter.
Converting offices to housing is very expensive since the floor plans and building layouts are dramatically different, but I have to imagine it’s still cheaper and quicker to renovate an existing building near a major historic train station and a riverfront rather than raze and rebuild on the same site given potential environmental and transportation concerns/red tape.
Hell even if someone came in and basically tried to make it a “Gateway Center South” that would still be a dramatic improvement IMO.
TrafficSNAFU t1_j7uvma5 wrote
If its something where there could be a reasonable return on investment, its possible.
66nexus OP t1_j7wevmv wrote
I'd love if they converted it into something...anything we don't have to wait years and years for...
felsonj t1_j7urns9 wrote
Can’t forget Horizon BCBS (largest insurance company in the state) still occupies 3 Penn Plaza. I think these buildings are reasonably attractive actually. I don’t have any issue with them.
Juicey_J_Hammerman t1_j7uumd7 wrote
They’re not inherently bad, but they’re definitely in need of an update and to be more plugged in with the street level of the city. Theyre still definitely built with a “fortress” like mentality in mind. Even something like what Onyx did with Gateway Center would go a long way here.
Nathanial_Jones t1_j7ufj8h wrote
Same, I honestly find it pretty drab and ugly, but man, the area around Penn Station does not need another giant asphalt wasteland.
DavidPuddy666 t1_j7usfpf wrote
This will be a very attractive residential development site. Right next to Penn Station, Hugh rise zoning, riverfront views. This is the natural result of WFH: office tenants consolidate into the best buildings and older or less attractive office buildings are converted or redeveloped into something else.
thebruns t1_j7wpo9j wrote
Its always been embarrassing that NJT is headquartered in a building thats like 50% giant parking garage
bigjoe13 t1_j7x1cj1 wrote
It's sad they did it like that. It's the same color as the Frank Lautenberg Secacus Juntion. The redeeming quality is the entranceway with the vertical art deco flair. This aligns with the transit wing at NY penn and the waiting room in Newark penn.
Jimmy_kong253 t1_j7v4jmy wrote
Put the Newark Penn station homeless in there
bananapeeled t1_j7x9s96 wrote
Horizon still next door and definitely still putting in office attendance. The Dunkin'is still open too.
DrixxYBoat t1_j7xjinw wrote
They're moving to Gateway 2 which is like 5 minutes away but in a much much much better area as it's connected to the gateway concourse and Penn Station
66nexus OP t1_j7ue6qq wrote
I'd be all down for tearing down the Penn Plaza complex...be it not for the very real possibility that such a move would create a parking lot that'd last for a decade before anything got built on it.