Now, owner US Realty and Investment Co. is joining the wave ofmodern technology--and the trend of converting aging industrialreal estate into dot-com palaces--with its plan to turn most of itinto a "carrier hotel," an information superhighway hub andwarehouse of electronic information. One plus: a branch of thecountry's main fiber-optic artery, owned by AT&T and MCIWorldcom, runs along an adjacent railroad track.
On the downside, the site will require $25 million worth ofremediation to clean up PCB, heavy metal and other contamination.The building would be the third carrier hotel in Newark: the oldMacy's building is one, and IDT Corp. is creating the second at itsnearby headquarters.
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