O wners , D evelopers & M anagers
M id A tlantic Real Estate Journal — Section B
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Project will ultimately bring 1,875 new residences to the South Amboy, NJ Waterfront BNE Real Estate break ground on First Phase of Manhattan Beach Club redevelopment
HI-LIGHTS August 28 - Sept. 10, 2020 SPOTLIGHT Architects/Engineers 5-12B Certification Matters South Amboy Mayor Fred Henry and fellow municipal officials joined principals of BNE Real Estate Group to mark the start of construc- tion of the first of two four- story buildings that will com- prise over 500 luxury rental OUTH AMBOY, NJ — BNE Real Estate Group and the City of South Amboy broke ground on Friday, July 24th, on the first of two phases of a highly anticipated redevelopment project along the South Am- boy, NJ waterfront. S
ing it for neighborhood retail tenants. The changes made to the daycare and retail spaces allowed NOVO to capture ad- ditional residential density. The employment stability of that sub-market as well as its “gateway into Old Town” loca- tion is where NOVO saw the opportunity. The site sits just blocks from the Metro station in a submarket with several newClass Amulti-family proj- ects in the pipeline. NOVO was attracted to the growth trajectory and rental pricing elasticity up and down the Rte. 1 corridor, where a long- term outlook can pay off. “The impact from the entry of these large employers is creating a demand for tiered apartment pricing,” Goradia points out. “Not every apartment dweller will want to pay up to live in National Landing or Potomac Yards and can live a few Metro stops away for a more affordable rent and we want to capture that demand.” MAREJ parking spaces and a second story space ideal for a restau- rant to take advantage of the views. City officials believe the ferry operation, which will accommodate hundreds of commuters to New York City, will also draw more visitors to South Amboy’s growing downtown district. “Smar t , we l l p l anned growth is a tremendous as- set to our City,” said May- or Henry. “The Manhattan Beach Club will transform vacant industrial land into a bayfront destination provid- ing stable long-term revenue to benefit our residents, both new and old, for decades to come.” BNE Real Estate Group expects to deliver this initial phase of 291 residences in Summer of 2022, according to Jonathan Schwartz , a partner at the Livingston, NJ-based development and management company. MAREJ
The $500 million redevelop- ment effort will also include the construction of a long- awaited ferry terminal, mak- ing it the only state-designat- ed transit village offering both rail and ferry service. Earlier this week, US Rep. Frank Pal- lone, D-6th Dist., announced that the U.S. Department of Radford Ferry Rd. rendering
residences on Radford Ferry Rd. They are the first of a multi-phase project dubbed the Manhattan Beach Club that will ultimately bring 1,875 new residences to an underutilized 55-acre prop- erty located between the South Amboy train station and the Raritan Bay.
Transportation will grant $5.3 million to South Amboy for the proposed 20,000 s/f facility which will operate up to three ferries between the city’s Raritan Bay water- front and downtown Manhat- tan. Located adjacent to The Manhattan Beach Club, the terminal will also include 700
NOVO Properties announces 119-unit apartment development in Alexandria, VA
ALEXANDRIA, VA — NOVO Properties (NOVO) received unanimous Planning Commission and City Council approval in June 2020 for its 119-unit apartment develop- ment project in Alexandria Virginia, The Grayson. Named after Sarah Gray, a prominent African American educator in Alexandria during the late 1800’s, the project is located on Rte. 1 within blocks of the Braddock Rd. Metro Station and within close proximity to Amazon’s new headquarters at National Landing and Virginia Tech’s new campus at Potomac Yards. The approvals clear the way for a projected construc- tion start in Q1 2021. NOVO purchased the site in July of 2019 with the intent to re-program ground floor retail and daycare space, add residential density and incorporate façade and mass- ing changes to improve con- structability. The new de- sign enhanced the layout and
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The Grayson
changing due to COVID-19,” said NOVO partner, Neil Goradia . NOVO also repro- grammed the ground floor retail space, better position-
accessibility of the daycare space. “There’s a huge unmet demand for daycare in this submarket and even more now as spacing needs are
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