Jones Lang LaSalle
Work Will Start for 105-Unit Independent Living Facility
By Eric Peterson
Last updated: March 2, 2006 02:41pm
(To read more on the multifamily market, click here.)
TRENTON, NJ-Community Concepts LLC is set to start work on Trenton Prospect House, a four-story, 105-unit independent living facility with support services for the community's elderly. The project is the third of four phases making up the Union, NJ-based Community Concepts larger redevelopment effort in the West Ward of New Jersey's capital city.
"We've finished the first two phases of a four-stage process for this community's urban redevelopment," says Theodore Davis, president of Community Concepts. "This area of Trenton has changed from a blighted area of vacant lots and abandoned buildings to a thriving community. The entire city is growing by leaps and bounds."
One of the first two phases is Pennington Avenue Shopping Village, a 58,000-sf community shopping center anchored by the Plainfield, NJ-based Supremo Food Markets, operator of a dozen urban supermarkets in the region. "This center is representative of the dramatic economic resurgence taking place here," says Brad Nathanson, associate director of the national retail group of Marcus & Millichap and based in that firm's Philadelphia office. The firm recently got the exclusive listing to market the shopping center.
Hill Industrial Park is another phase of the redevelopment, and the property currently sits 100% occupied. With the blessing of the administration of Trenton Mayor Douglas Palmer, Community Concepts launched the redevelopment effort in 2003 with a projected 10-year build-out. A variety of new multifamily projects have separately been developed around the site since then, according to Davis, including a state-sponsored rehab of Prospect Village. Another phase is expected to add more housing to the mix.
"This represents economic vitality and local jobs for local people that can help mend our neighborhoods," Palmer says, noting that Pennington Avenue Shopping Village itself has created something on the order of 200 new jobs. "The shopping center has curb appeal, a recognized grocer and a good mix of destination tenants," Marcus & Millichap's Nathanson says.
Work Will Start for 105-Unit Independent Living Facility
By Eric Peterson
Last updated: March 2, 2006 02:41pm
(To read more on the multifamily market, click here.)
TRENTON, NJ-Community Concepts LLC is set to start work on Trenton Prospect House, a four-story, 105-unit independent living facility with support services for the community's elderly. The project is the third of four phases making up the Union, NJ-based Community Concepts larger redevelopment effort in the West Ward of New Jersey's capital city.
"We've finished the first two phases of a four-stage process for this community's urban redevelopment," says Theodore Davis, president of Community Concepts. "This area of Trenton has changed from a blighted area of vacant lots and abandoned buildings to a thriving community. The entire city is growing by leaps and bounds."
One of the first two phases is Pennington Avenue Shopping Village, a 58,000-sf community shopping center anchored by the Plainfield, NJ-based Supremo Food Markets, operator of a dozen urban supermarkets in the region. "This center is representative of the dramatic economic resurgence taking place here," says Brad Nathanson, associate director of the national retail group of Marcus & Millichap and based in that firm's Philadelphia office. The firm recently got the exclusive listing to market the shopping center.
Hill Industrial Park is another phase of the redevelopment, and the property currently sits 100% occupied. With the blessing of the administration of Trenton Mayor Douglas Palmer, Community Concepts launched the redevelopment effort in 2003 with a projected 10-year build-out. A variety of new multifamily projects have separately been developed around the site since then, according to Davis, including a state-sponsored rehab of Prospect Village. Another phase is expected to add more housing to the mix.
"This represents economic vitality and local jobs for local people that can help mend our neighborhoods," Palmer says, noting that Pennington Avenue Shopping Village itself has created something on the order of 200 new jobs. "The shopping center has curb appeal, a recognized grocer and a good mix of destination tenants," Marcus & Millichap's Nathanson says.
posted by Jones Lang LaSalle NJ News Blog at 3:14 PM
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