Page 10 - RE-NJ

8 JUNE 2025
WESTFIELD OKS CHANGES TO PLAN
FOR DOWNTOWN REDEVELOPMENT
A high-profi le redevelopment project
in Westfi eld is moving ahead with key
changes, following the town’s approval
of a plan that now includes nearly
200,000 square feet of offi ce space, 205
residential units and a series of public
improvements and new green spaces
downtown.
Its developer, Saks Global, joined
local offi cials in late May to announce
the updates to what’s known as One
Westfi eld Place, which centers on
revitalizing the vacant Lord & Taylor
site on North Avenue and nearby
commuter parking lots. Among the
changes is a reduced offi ce footprint
— which now includes 120,000 square
feet of new ground-up, Class A space
at the train station with an adjacent
parking garage, along with an adaptive
reuse of the former department store
to create another 75,000 square feet
with dedicated parking.
The fi rm said the changes, which also
include a reconfi gured parking layout
and a decrease
in the cap on
municipal bond
funding, were
shaped by an
extensive public
review process
and refl ect
feedback from
Robert Donnelly Jr.
the community
and evolving market conditions.
Cushman & Wakefi eld’s Robert
Donnelly, Robert Donnelly Jr. and Kim
Brennan serve as leasing agents for the
two offi ce development opportunities.
“The One Westfi eld Place project
is now ready to move forward and
deliver the offi ce space the New
Jersey tenant is looking for and add
a new dimension in residential living
in the downtown,” said Guy Leibler,
president of development at Saks
Global.
Donnelly Jr. added: “Westfi eld has
a long history of being an engaging,
desirable place to live and play in
New Jersey. Many forward-thinking
NETFLIX, MURPHYS BREAK GROUND
AT FORT MONMOUTH STUDIO SITE
Demolition is underway for Netfl ix’s
long-awaited, $1 billion project
to create a 1.1 million-square-foot
studio campus at the historic Fort
Monmouth property.
The streaming giant joined Gov. Phil
Murphy, First Lady Tammy Murphy
and other dignitaries on May 13 for a
ceremonial groundbreaking at the site,
where plans call for 12 cutting-edge
soundstages totaling nearly 500,000
square feet, plus support facilities and
community amenities that will serve
as its East Coast production hub. That
will transform 292 acres in Eatontown
and Oceanport, roughly a quarter of
the 1,126-acre former U.S. Army base,
as part of a highly anticipated project
that the company announced in 2022.
Demolition is expected to take around
13 months, Netfl ix said, while the
studio is projected to open in 2028.
“Netfl ix is proud to invest in
American innovation and the creative
community,” said Ted Sarandos,
co-CEO of Netfl ix. “We estimate that
these studios will create thousands of
jobs for New Jersey residents, billions
of dollars in economic output and
Courtesy: Netfl ix
Gov. Phil Murphy speaks during a May 13 groundbreaking ceremony for Netfl ix’s new
studio campus in Fort Monmouth.
many other cultural benefi ts to the
region and state. Over the past four
years, Netfl ix has contributed $125
billion to the
U.S. economy
and hired more
than 140,000
cast and crew
members. And
we’re excited
to continue our
investment in
Ted Sarandos
the U.S. and New
Jersey in the coming years.”
The company, which said it needs
further approvals before it can fully
undertake construction, took a
critical step forward late last year
when it secured a 10-year, $387
million tax credit award under New
Jersey’s Aspire program.
“As the birthplace of the motion
picture industry, New Jersey couldn’t
be more thrilled to welcome Netfl ix —
a name synonymous with 21st-century
entertainment — to the Garden
State,” Gov. Murphy said. “The Netfl ix
studio at Fort Monmouth further
solidifi es New Jersey’s reputation as
a global leader in fi lm and television
production, attracting some of the
world’s top fi lmmakers and creators to
the state. We are grateful to Netfl ix for
choosing New Jersey as its new home
on the East Coast and for committing
to an investment that will fuel
economic growth, generate thousands
of new jobs and bring more patrons to
our local businesses.”
companies are striving to attract the
highly skilled workforce that New
Jersey and the tristate region offers,
and this vibrant, walkable community
provides all the important amenities
needed to accomplish this. One
Westfi eld Place’s state-of-the-art offi ce
developments will create thriving
workplace environments where
employees want to come into the
offi ce to innovate and collaborate.”
Several years in the making, the
plan is part of a broader effort by
the owner of brands such as Saks
and Lord & Taylor to rejuvenate
or monetize its vast real estate
holdings in the U.S. That gave way
to a sweeping public information
and community engagement campaign
by the developer and local offi cials
in Westfi eld and a proposal that
was formally unveiled in fall 2022.
Many residents pushed back, setting
up litigation that has loomed
over the project. Offi cials also
dealt with questions tied to the
bankruptcy of Hudson’s Bay Co., the
former owner of the retail brands and
properties before a reorganization
and spinoff last year that created Saks
Global, but recently moved ahead
with the scaled-down version of One
Westfi eld Place.
“These thoughtful adjustments strike
the right balance
between fi scal
responsibility,
community
priorities and
long-term
economic
vitality,”
Westfi eld Mayor
Shelley Brindle
Shelley Brindle
said. “We believe this revised plan
enhances Westfi eld’s position as a
regional destination for business,
culture and high-quality living.” RE