Jones Lang LaSalle
Downtown construction begins
Stephanie Wynalek/Correspondent
Posted: 4/19/06
Despite the delay of the College Avenue Greening Project, other redevelopment projects throughout New Brunswick are moving ahead on schedule.On the 1.3-acre French and Somerset streets location formerly occupied by Magyar Bank, which was demolished last week, AST Development Corporation will construct two mixed-use towers and an 870-space parking deck.Building plans consist of an 11-story tower along Somerset Street and a 10-story tower on French Street.
The parking deck, funded by the city, will be located in between.The bank will be relocated to a new facility down the street.The tower bordering French Street will include retail space on the first floor, 60,000 square feet of office space on the second through fifth floors, and 45 one- and two-bedroom condominiums on the other floors.The Somerset Street tower will also contain retail space on the first floor, in addition to 55 condominiums. The tower design includes a tiered structure, which will step back from the street after the third and sixth floors.According to AST Director of Development Alan Brandies, this structure is intended to permit more free space along the street."This is an effort to maintain an open feeling for the structures that are already on the other side of the street," he said.
"The idea is to create an efficient building, but to allow the sunshine to still come through to the street. We want to avoid the canal-like effect you find in New York City."Brandies said the office space in the towers is intended for medical offices, to benefit the city hospitals in close proximity to the site, but occupancy has not yet been determined."We've seen through market research that this development will help the burgeoning healthcare environment of the city," he said.
Brandies said although there has already been interest expressed in retail opportunities, AST hasn't looked into businesses yet."It's still pretty early, and we haven't really marketed the space just yet," he said. "But we're looking for businesses that will compliment the offices upstairs, possibly some coffee shops and small stores."The project is currently unnamed, and is estimated to be completed in 2008.Brandies said the parking deck will start to take shape in about six weeks, and is scheduled to be completed next spring.Parking on the new deck will be available not only to occupants of the the AST structure, but also to occupants of the nearby medical institutions.
According to city spokesman Bill Bray, the parking fees will pay for construction costs.
Brandies emphasized that the site, which is within 2,500 feet of the train station, will provide future residents with easy public transportation access."This project will provide opportunities for economic growth, increased revenue and job creation in the city, while creating more housing opportunities for New Brunswick," Mayor James Cahill said in a prepared statement."We're becoming a more pedestrian and mass transit friendly city with ample opportunities to live, work and shop."
© Copyright 2006 The Daily Targum
Downtown construction begins
Stephanie Wynalek/Correspondent
Posted: 4/19/06
Despite the delay of the College Avenue Greening Project, other redevelopment projects throughout New Brunswick are moving ahead on schedule.On the 1.3-acre French and Somerset streets location formerly occupied by Magyar Bank, which was demolished last week, AST Development Corporation will construct two mixed-use towers and an 870-space parking deck.Building plans consist of an 11-story tower along Somerset Street and a 10-story tower on French Street.
The parking deck, funded by the city, will be located in between.The bank will be relocated to a new facility down the street.The tower bordering French Street will include retail space on the first floor, 60,000 square feet of office space on the second through fifth floors, and 45 one- and two-bedroom condominiums on the other floors.The Somerset Street tower will also contain retail space on the first floor, in addition to 55 condominiums. The tower design includes a tiered structure, which will step back from the street after the third and sixth floors.According to AST Director of Development Alan Brandies, this structure is intended to permit more free space along the street."This is an effort to maintain an open feeling for the structures that are already on the other side of the street," he said.
"The idea is to create an efficient building, but to allow the sunshine to still come through to the street. We want to avoid the canal-like effect you find in New York City."Brandies said the office space in the towers is intended for medical offices, to benefit the city hospitals in close proximity to the site, but occupancy has not yet been determined."We've seen through market research that this development will help the burgeoning healthcare environment of the city," he said.
Brandies said although there has already been interest expressed in retail opportunities, AST hasn't looked into businesses yet."It's still pretty early, and we haven't really marketed the space just yet," he said. "But we're looking for businesses that will compliment the offices upstairs, possibly some coffee shops and small stores."The project is currently unnamed, and is estimated to be completed in 2008.Brandies said the parking deck will start to take shape in about six weeks, and is scheduled to be completed next spring.Parking on the new deck will be available not only to occupants of the the AST structure, but also to occupants of the nearby medical institutions.
According to city spokesman Bill Bray, the parking fees will pay for construction costs.
Brandies emphasized that the site, which is within 2,500 feet of the train station, will provide future residents with easy public transportation access."This project will provide opportunities for economic growth, increased revenue and job creation in the city, while creating more housing opportunities for New Brunswick," Mayor James Cahill said in a prepared statement."We're becoming a more pedestrian and mass transit friendly city with ample opportunities to live, work and shop."
© Copyright 2006 The Daily Targum
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