Jones Lang LaSalle

Tarragon, Lincoln Equities Will Redevelop Former Industrial Site
By Eric Peterson
Last updated: January 27, 2006 12:36pm

(To read more on the industrial market, click here.)
RUTHERFORD, NJ-Lincoln Equities of East Rutherford, NJ and the New York City-based Tarragon Corp. have teamed up to redevelop a vacant former industrial site here. Lincoln has owned the property, a brownfield site on the east side of Route 17, since 1999, and has completely remediated it.

The tract has already been approved for one million sf of office space and a 216-room hotel, but officials of both companies say only that they're in the planning stages for a mixed-use project. For its part, Tarragon is known mostly as a residential developer, including several communities in the Garden State. Terms of the joint venture agreement were not released.

"In addition to the potential for office and hotel use, we are exploring other development possibilities," says Joel Bergstein, Lincoln's EVP. "The addition of Tarragon will ensure that the site will be built in a most responsible manner. Once we determine the project's scope, we will proceed in such a way that meets the community's fiscal and quality-of-like needs."

To accomplish that, officials of both companies say they have launched an outreach program that includes polling and meeting with community leaders and stakeholders. "One of the issues being raised is citizen's desire for property tax relief," Bergstein says.