34C — March 28 - April 10, 2014 — The Best of 2013 — Mid Atlantic Real Estate Journal
www.marejournal.com
The DEVELOPERS TOP PROJECTS (NEW) of 2013 Divaris Real Estate 5th Street Station Charlottesville, VA — 465,000 SF — Walters Group Stafford Park Manahawkin, NJ — 370 Acres — Mack-Cali Realty River Trace at 11 Ave. at Port Imperial — 3126 Units — Harvey Hanna Lighthouse Cove Dewey Beach, DE — 422,056 SF —
Lighthouse Cove Dewey Beach is a mixed use redevelopment project owned by Dewey Beach Enterprises (DBE), whose managing partner is Harvey, Hanna &As- sociates, Inc. DBE’s vision is helping this summer resort town evolve into a 21st Century destination worthy of its many amenities and consistent with the Town’s comprehensive development plan. The brand new Hyatt Place Dewey Beach is part of the recently completed Phase 1 of the Lighthouse Cove Resort, which also includes 16 penthouse condominiums above the hotel (known as The Residences at Lighthouse Cove), additional parking and an expanded public bayside beach. During Phase Two, scheduled to begin in September of 2014, the Lighthouse Cove project will expand to include bayside condominiums, a 21st century confer- ence center, more interior off-street park- ing, new retail, dinning, and professional space, a public bay walk, and more. Upon completion, the Lighthouse Cove project will have a positive economic ef- fect on the entire region, year-round em- ployment, expanded family entertainment choices for Dewey Beach and neighboring communities throughout the county. To date, the Hyatt Place Hotel has sold 11 of 16 Residences.
Stafford Park is a brownfield, mixed-use redevelopment with outstanding resi- dential, retail and recreational elements. Currently under construction, the park is situated on a 370-acre site in Ocean County’s Stafford Township. When completed, it will feature 349 market- rate single-family homes, 112 affordable apartments, 216 market rate apartments, 650,000 s/f of retail space, and 25,000 s/f of office and governmental facilities. To date, 380,000 s/f of retail space has been built and is fully leased to Costco, Tar- get, Dick’s Sporting Goods, PetSmart, Best Buy, AT&T, Ulta, Vitamin Shoppe, and Olive Garden.
RiverTrace at Port Imperial is Port Imperi- al’s newest rental community inWest New York directly across from 64th St. in Man- hattan. This 316-unit luxury rental build- ing was developed by Roseland, a Mack- Cali subsidiary, and features studio, one-, two-, and three-bedroom apartments. The complex also features an impressive suite of amenities and a coveted waterfront set- ting offering panoramic views of the Man- hattan skyline. RiverTrace also includes Feng Shui elements and has been built in accordance with the U.S. Green Building Council’s (UGBC) standards for LEED® certification.
The new development, 5th St. Station in the southern section of Charlottesville, Virginia, includes a 140,000 s/f Weg- man’s grocery store as well as other an- chor, junior anchor, small shops and pad site opportunities.
The DEVELOPERS TOP PROJECTS (RENO) of 2013 Vision Equities Bayer Pharmaceuticals Whippany, NJ — 675,000 SF — Brasler Rt. 61 Distribution Ctr. Reading, PA — 395,000 SF — PrismCapital Partners The Parkway Lofts Bloomfield, NJ — 365,000 SF — Levin Mgmt. Hamilton Plaza Hamilton Twp., NJ — 175,000 SF —
Jan 1, 2013 - 8% tenanted or 28,000sf, the rest was m to m licenses or vacant. January, Reitnouer(80,000sf), manu- facturing trailer bedsmoved in followed by Pratt (115,000sf), producing point of sale displays. Landis(80,000sf), a 3rd party Logistics firm moved in mid summer with EthoSource(45,000sf), a national furniture reseller. IFS Industries(35,000sf) and Irish Creek Excavating(10,000sf) rounded out the leasing. All deals were completed in 2013. Reading PA, in 2011 was most impoverished community in the Coun- try with avg. industrial vacancy in 2012 around 20%. The lease up of the RT 61 Distribution Center paved the way for growth in workforce in an area not historically attracting users looking to locate along the I-78 corridor.
When Vision Equities and Rubenstein Partners purchased the 194-acre former Alcatel-Lucent campus at 67 Whippany Road in Whippany in 2010, the partner- ship recognized the property’s potential to serve as a benchmark infill revital- ization. In May 2012, the partnership subdivided and sold 100 acres to Bayer Healthcare and subsequently designed, executed approvals and broke ground on a 675,000-square-foot, build-to-suit East Coast Headquarters facility for this global industry leader. The Octo- ber 2013 ribbon cutting for the facility marked a milestone for partnership’s vision to redevelop the site into a mod- ern, sustainable mixed-use community including Class A office, residential and retail components.
General Electric in 1915 built the land- mark, 365,000 s/f six-story warehouse that Prism Capital Partners has rede- veloped into 365 loft-style apartments catering to the growing demand for transit-located, fully amenitized living environments. Prism acquired the 14.5- acre site in 2005, capitalizing on a great opportunity to take an obsolete indus- trial property and with it create high- density housing. The firm completed Phase I of the $90 million, benchmark industrial-to-residential adaptive reuse in fall 2013. Upon Phase II completion, the Parkway Lofts will be a distinctive, high-density residential village. De- signed to LEED-certification standards, the project reflects the potential of infill redevelopment in New Jersey.
When Levin became managing and leasing agent for Hamilton Plaza in 2009, the 60-year-old property and the ShopRite there had become dated. Ad- ditionally, an anchor-tenant closing had resulted in a 50,000 s/f vacancy. Levin launched a $20 million renovation to modernize Hamilton Plaza and enhance its tenant mix. The project, completed in 2013, incorporated significant com- mon area upgrades, and added two pad sites and a 10,000 s/f end cap. ShopRite grew from 45,000 to 82,000 s/f. Other existing retailers expanded or renovat- ed, and additional tenants have opened – including Petco, Sleepy’s, Rainbow, Moe’s Southwest Grill, Texas Road- house and Let’s YO!
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