New Jersey Central Train Station Sold

As just reported in an article by the Times Leader, New Jersey Central train station in Wilkes-Barre has been purchased by George Albert on behalf of Market Square Properties Development LLC. The Wyoming-based development company bought the train station for $1.2 million. The sale of the New Jersey Central train station base been confirmed by the executive director of the Luzerne County Redevelopment Authority, Andrew Reilly. This sale has been in the works since August 2015. The property was originally built in 1868.

The train station and its 6 acre lot was purchased by the Luzerne County Redevelopment Authority for $5.8 million in April 2006. There were complications with their attempt to renovate the train station property because of funding issues. Even though the New Jersey Central train station was on the market since 2014, there was only interest from one firm, Market Square Properties.

Market Square Properties intends to develop the New Jersey Central train station and keep the train station as the focal point of the entire property. There are plans to build it out for a restaurant or bank to take over the main part of the property. The current plans are to keep the historic look of the train station the same. In addition, the proposed strip mall will be completely renovated and hopefully full of a wide variety of retailers. Some of the existing tenants plan to remain in the space. There is also talk of a grocery store being built out on the property.