10B — November 14 - 27, 2014 — New Jersey — M id A tlantic

Real Estate Journal


C entral N ew J ersey

Up to 50% of the apartments reserved for those who’ve served our country Premier Development holds ribbon cutting ceremony for Stone Bridge at Raritan

ARITAN, NJ — Rari- tan Mayor Jo -Ann Liptak joined elected Borough officials and repre- sentatives of Premier Devel- opment, one of central New Jersey’s leading homebuilders, on Wednesday, October 29th, 2014 to cut the ceremonial ribbon and grand open new affordable apartment homes at Stone Bridge at Raritan. Housed in a four-story build- ing located on the site of the former Federal Steel Fac- tory on Route 202 North, up to 50% of the one-, two- and three-bedroom moderate in- R

come homes will be reserved for the large concentration of Military veterans that reside in and around the Somerset County, N.J. Borough. Designed to fulfill the spe- cific housing needs of veter- ans and accommodate Rari- tan’s residents and workforce, the building will consist of 73 handicap-adaptable units with full elevator access on each floor. Premier Develop- ment is further honoring the Borough’s Military veterans with a large Memorial Park at the center of Stone Bridge at Raritan.

“This is a great day for the Borough of Raritan and a great day for our returned Military veterans,” said Andy Nowack, Community Builder for Premier Development. “We’re excited to intro- duce sustainable, handicap- accessible housing that is an affordable option for those who have given so much to our country. Equally as important, it will allow vital Borough workers including postal workers, teachers, firefighters, police officers and clerks to stay in Raritan and become involved in the community while spending more quality time with their families.” Homes in the new building are Energy-star certified and feature energy-efficient ap- pliances, features and more. The building is also location within walking distance of the NJ Transit Train Station providing easy access to VA’s Lyons Hospital in nearby Bernardsville Township. The new affordable rental building is part of the over- all Stone Bridge at Raritan neighborhood which will con- sist of 252 market-rate apart- ments and 38 new townhomes when completed. n Pennsylvania and Delaware.” On the other hand, New York City is worried,” he said. One change on the competitive front: “Pennsylvania had grown complacent, but with the competition provided by New Jersey’s incentives, Penn- sylvania is no longer scaling back their incentives. These programs have helped New Jersey immensely.” When the process comes down to a real estate trans- action, “leases and contracts aren’t necessarily driven by incentives,” said Ted Zangari of Sills Cummis & Gross. “In many cases, it’s a matter of New York/New Jersey brand loyalty – a company is bound to stay.” That said, incentives enter the picture when a landlord ap- proaches an attorney to retain a tenant. The latter, on the other hand, is a “free agent by definition who often will enlist the services of a broker to find a cheaper location,” he said. n NAIOP New Jersey: “State’s Business Incentive Programs continued from page 9B

Stone Bridge at Raritan

For Sale/Lease 269,863 s/f

114 Tived Lane East Edison, NJ 08817 Middlesex County

Featuring: Loading Docks Sprinkler System Gas Heat Parking for 165 Cars


Greg Sholom, President P: 201-438-1177 E: gsholom@teamresourcesinc.com

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