M id A tlantic Real Estate Journal — March 24 - April 13, 2017 — The Best of 2016 — 17C The largest mixed-use pRoject in 2016
www.marejournal.com
IMC Construction King of Prussia Town Center King of Prussia, PA
NJHMFA Hahne & Co. Newark, NJ
Hoboken Brownstone Co. Coles Street Park Jersey City, NJ
Mixed-income rentals with 175,000 SF of ground floor retail and commercial space Size: 400,000 SF Developer: L+M Development Partners The redevelopment/adaptive reuse of the historic Hahne & Co. department store in downtown Newark serves as a catalyst for community and economic growth and sets the tone for successful redevelopment. Hahne’s offers 160 mixed-income apartments: 64 affordable; 96 market-rate; approximately 175,000 SF of retail/commercial space, in- cluding a Whole Foods Market, an arts and cultural cen- ter for Rutgers University and a Barnes and Noble. Total development cost is $175.5M. Funding sources included $66.8M in NJHMFA financing; $13.2M in 4% Low In- come Housing Tax Credits; $28.5M in Economic Rede- velopment & Growth Tax Credits; $20.5M in Historic Tax Credits; and private funding.
The Hoboken Brownstone Company (HBCo) is focused on transforming the Jersey Avenue Park Redevelopment Area into a mixed use-environmentally conscious neigh- borhood aimed to utilize the many benefits of living along the Gold Coast. This redevelopment encompasses a total of three sites over sixteen acres: a former chocolate factory, a national retail warehouse and trucking facility, a former chemical plant and a recycling site. HBCo will construct 2,093 units in nine buildings ranging in size from five to twenty three floors. Each site will offer retail on grade, en- closed robotic parking and over three acres of public parks and bike paths.
New Construction - Mixed-Use Lifestyle Center Size: 260,000 SF, 125 Acres King of Prussia Town Center is a 12-building, 260,000 SF upscale retail center located within a 125-acre mixed-use lifestyle center in the heart of the Village of Valley Forge.
The Best hospitality Project of 2016 Alfred Sanzari Enterprises Dual-branded hotel at Glenpointe Teaneck, NJ
Size: 1.25 acres/310,000 s/f Alfred Sanzari Enterprises officially broke ground on a new 350-room dual-branded hotel at its mixed-use Glenpointe complex in Teaneck. The 13-story hotel will fea- ture the Hampton Inn & Suites by Hilton and Homewood Suites by Hilton brands, Hilton Worldwide’s select-service and upscale extended stay hospitality products.The new hotel will bring additional lodging options to the region; generate numerous construction jobs and permanent hospitality-related positions; and produce long-term sustainable benefits for the Township of Teaneck. A growing trend within the hospitality industry, the dual-branded hotel concept typically pairs a short-stay hotel with an extended-stay counterpart, providing both leisure and corporate travelers with two distinct stay options. White Lodging, one of the fastest-growing fully-integrated independent hotel ownership, development and management companies in the country, will manage this new dual-branded hotel property.
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