HBC | Streetworks Development Invests in Revitalization of Downtown Westfield, NJ
New development ‘One Westfield Place’ brings Westfield’s Master Plan to life with enhanced community spaces, pedestrian connectivity, significantly improved infrastructure, and new commercial and residential offerings, including the adaptive reuse of the former Lord & Taylor building
WESTFIELD, New Jersey (September 20, 2022) - HBC, through its real estate development arm Streetworks Development, announced plans to reimagine the former Lord & Taylor building and develop the remainder of its property, along with several town-owned parcels in Westfield, New Jersey, through a sequenced, mixed-use development. The proposed development, One Westfield Place, is poised to reinvigorate Westfield’s downtown; repurpose underutilized buildings and properties; optimize parking; create new housing and commercial spaces; improve pedestrian connectivity between residential neighborhoods and downtown; and envision a mobility hub to accommodate alternative modes of transportation around the Westfield Train Station.
“HBC has more than 350 years of experience in reinvention and revitalization. As the long-term holder of many iconic retail brands, including Saks Fifth Avenue and Saks OFF 5TH, we understand the responsibility we hold to repurpose and bring life to the former Lord & Taylor site in Westfield,” said HBC Governor, Executive Chairman, and CEO Richard Baker. “One Westfield Place, will be welcoming, distinct, and authentic, with increased walkability, pedestrian access to open spaces, tree-lined sidewalks, picturesque main streets, and buildings expertly designed to complement the unique charm and character of the Town. The revitalization of Downtown Westfield will serve as a model of suburban downtowns for years to come.”
HBC | Streetworks Development’s proposed 731,000-square-foot development, One Westfield Place, includes:
- 100,000 square-feet of next-generation, flexible Class-A office space through the adaptive reuse of the former Lord & Taylor building
- State-of-the-art mass timber building that offers 210,000 square-feet of Class-A office and amenities to benefit employees
- A total of 27,000 square-feet of street-level retail distributed across the development
- 154 high-quality residential apartments and townhomes targeted to 55 and older residents
- 69 residential apartments catering to families and young professionals
- Affordable housing units planned in accordance with housing requirements in both Westfield and the state of New Jersey
- Two new parking garages for public use on North Avenue and South Avenue that can accommodate over 450 vehicles
- Expertly designed and landscaped Town Green and Town Square, north and south of the Train Station, to be revitalized public spaces that enable significantly enhanced community programming and to feature tree-lined green spaces, seasonal planters, water features, and improved pedestrian and vehicular access
- Comprehensive streetscape and sidewalk improvements including the beautification of Quimby Street
- A state-of-the-art mobility hub connecting the north and south sides of the Train Station that improve access to alternative modes of transportation with features including ride sharing, bike stations, storage, and pickup/drop-off service locations
In addition to improving the Town Green, Town Square, and Quimby Street, HBC | Streetworks Development, in concert with the Downtown Westfield Corporation, will collaborate with Dan Biederman, President of Biederman Redevelopment Ventures, the experts behind New York’s Bryant Park, to develop a comprehensive plan to strategically activate and program events and activities in public spaces and gathering areas.
“Driven by our Master Plan, and with a commitment to maintaining Westfield’s historical character, HBC | Streetworks Development is proposing a downtown for the future – one that is more people-centric than car-centric – with a focus on sustainability, safe streets, and improved infrastructure,” said Westfield Mayor Shelley Brindle. “This innovative proposal presents us with a unique opportunity to address our long-standing traffic, parking, and congestion challenges; provide much-needed spaces for community gathering, art, and events; and bring in unprecedented new sources of tax revenue to the town that will mitigate the tax burden of our residents for generations to come.”
The project as envisioned will generate several million dollars per year to the Town of Westfield for a total of over $200 million in additional revenues over 30 years, which would help to stabilize taxes, fund public improvements, and support other municipal priorities to maximize the benefits to the entire Westfield community. The project will also create over 2,900 jobs during construction, as well as 1,700 jobs when operational. The development takes into consideration the 12 Guiding Principles outlined in Westfield’s Master Plan Reexamination, which was adopted in 2019 after a robust public input process.
“With more than 40 years of experience in world-class suburban development and placemaking, Streetworks Development prides itself on creating authentic gathering places that bring lasting economic and social value to its communities,” said Carolina Simon, Vice President of Development, HBC | Streetworks Development. “For three years, we have been active in the community of Westfield, familiarizing ourselves with its unique attributes and hearing directly from community stakeholders and residents about the improvements they feel would most benefit the Town. We will continue to work closely with the Town of Westfield and residents to ensure this development supports a healthy, vibrant downtown that strengthens the economy, is safe and walkable, and addresses resident traffic, parking, and congestion concerns.”
To help educate residents about the scale and scope of One Westfield Place, as well as listen to community feedback, HBC | Streetworks Development is opening a Preview Center located at 76 Elm Street, in Downtown Westfield, NJ. For more details, visit www.onewestfieldplace.com.
The plans for One Westfield Place are subject to approval by the Westfield Town Council, a process that will take place in the coming months following the completion of public input.
HBC is a holding company of investments and businesses at the intersection of technology, retail operations, and real estate.
It is the majority owner of iconic ecommerce companies: Saks, a leading online destination for luxury fashion; The Bay, a Canadian ecommerce marketplace; and Saks OFF 5TH, a premier luxury off-price ecommerce company offering top brands at the best prices. These businesses were established as separate operating companies in 2021. HBC also wholly owns Hudson’s Bay, the operating company for Hudson’s Bay’s brick-and-mortar stores, as well as SFA, the entity that operates Saks Fifth Avenue’s physical locations, and O5, the operating company for Saks OFF 5TH stores.
With assets spanning top markets and prime locations across North America, HBC owns or controls— either entirely or with joint venture partners—approximately 40 million square feet of gross leasable area. HBC Properties and Investments, the company’s real estate and investments portfolio business, manages these assets along with additional real estate offerings, including Streetworks Development, its property development division.
Founded in 1670, HBC is North America’s longest continually operating company and is headquartered in New York and Toronto. For more information visit: www.hbc.com.
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