Two longtime Newark office buildings that have housed NJ Transit and Horizon Blue Cross could be redeveloped with plans for a new residential tower rising up to 30 stories and a new headquarters for the insurer.

NJ Transit and Horizon, which share the Penn Plaza East complex next to Newark Penn Station, announced Tuesday that they’ve begun the process of redeveloping the nearly 4-acre site on Raymond Boulevard.

The proceeds from a deal, if it happens, could help fund NJ Transit operations under the agency’s plan to earn revenue from non-fare sources. For 5,000 Horizon employees, it means they’ll still call Newark home.

While exact proposals will come from developers, concepts for the Penn Plaza East complex envision a premier mixed-use development including a new up-to-1,000 unit resi

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