Prudential Financial Inc. has filed an amendment to its application for a $250.8 million Urban Transit Hub tax credit that names a new Newark site the insurance giant is considering for a new building, according to the agency that administers the incentive.
Prudential now is considering a Broad Street location, across from Military Park, for the new building, according to an Economic Development Authority document.
Prudential anticipates beginning construction in the third quarter of this year, and completing the project and occupying the building by the end of 2014, the company said in a letter to the EDA dated March 14.
A Prudential spokesman said he could not provide further details about the revised application.
The insurance giant was approved for a $250 million tax credit under Urban Transit Hub — the largest in the program's history — to build a new building on a site adjacent to the New Jersey Performing Arts Center. Controversy arose when, following the approval, Prudential said it was still doing due diligence on a number of unspecified sites, all in Newark.
The revised application upsizes the proposed facility to 650,000 square feet, from 600,000 square feet on the site previously considered, and includes a parking deck that would be partially underground.
Prudential has asked the EDA board to consider the revised application at its April 10 meeting.
Correction: A previous version of this story mistakenly referred to Prudential's new building as a headquarters.