M id A tlantic Real Estate Journal — New Jersey — December 23, 2022 - January 19, 2023 — 11B N ew J ersey
www.marej.com
Execs. from Basis Investment Group, Goldman Sachs, Incline Capital & PNC Bank join ceremony $500 Million The Crossings at Brick Church Station breaks ground in East Orange, NJ
AST ORANGE, NJ — With New Jersey Gov- ernor Phil Murphy, Lt. Governor Sheila Oliver, East Orange Mayor Ted R. Green, and other stakeholders on hand, Triangle Equities along with investment part- ners Goldman Sachs and Basis Investment Group and co-developer partner In- cline Capital , held a formal ceremony marking the official groundbreaking of The Cross- ings at Brick Church Station, the owner/developer’s new transit-oriented mixed-use development, which is the largest-ever real estate devel- opment in East Orange. The ground-up project at 533 Main St. will be built in two phases, delivering 200,000 s/f of retail, restaurants and com- mercial space, a pedestrian promenade & public plaza, 820 mixed-income rental units, and a 1,200-space parking garage. Just a 25-minute train ride via NJ Transit to Midtown Manhattan and anchored by a new Shoprite, the first phase of The Crossings is scheduled for completion in Q4 2024. More than 85 percent of the retail space in the first phase is already pre-leased. “I want to thank Governor Murphy, Lt. Governor Oliver, Mayor Ted Green, and City Council Chairman Christopher Awe for their support and for welcoming The Crossings at Brick Church into this great community,” said Lester Pe- tracca , president of Triangle Equities. “We also appreciate the tremendous support that we received from our invest- ment partners Goldman Sachs and Basis Investment Group illustrating what it takes to make these challenging proj- ects become a reality. We are looking forward to building a project that we believe will be a catalyst for the redevelopment of this area and provide ameni- ties to a deserving community.” Executives from Basis Investment Group, Gold- man Sachs, Incline Capital, and PNC Bank were also on hand to join the ground- breaking ceremony. “New Jersey is the State of Opportunity, and it’s fitting that this new development will open here in East Orange, one of our state’s Opportunity Zones,” said Governor Phil Murphy. “The Crossings at Brick Church Station will pro- vide residents the opportunity E
tive projects that East Orange has ever seen,” said Mayor Ted R. Green. “Having served as Third Ward Councilman and now as Mayor, I have ambitiously advocated for a public-private partnership like the one we have with Tri- angle Equities. The Crossings at Brick Church Station will spark vibrancy in our city and help us to leverage our exist- ing assets—diversity, prox- imity and convenience—with modern amenities designed to increase the livability of our community and revitalize our local economy.” MAREJ
tation options. I applaud the leadership of Triangle Equi- ties, and the partnership of the City of East Orange, Basis Investment Group, Goldman The Crossings at Brick Church Station
to find an affordable place to call home and a good-paying new job, as well as access to even greater healthy foods options and public transpor-
Sachs, and PNC for making this historic investment in the community of East Orange.” “This project is one of the largest and most transforma-
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