nj future forum 2012 barbell effect clarke
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2012 NJ Future Redevelopment Forum
The Effect of Millennials and Baby Boomers on Urban Redevelopment
March 9, 2012
NEW BRUNSWICK DEVELOPMENT CORPORATION
“DEVCO”
Not For Profit Development Company
35 Years Experience in Urban Redevelopment with $1.6 billion in public and private investment
Completed redevelopment projects in New Brunswick and throughout the State
BARBELL EFFECT?
KEY FACTORS IN URBAN REDEVELOPMENTKEY FACTORS IN URBAN REDEVELOPMENT
Develop a Vision Identify opportunities and develop a vision of
how they will fit together
Capitalize on Local Strengths Understanding the existing infrastructure and
key participants
Understand Marketplace Know the evolving requirements from
developers, lenders and end users
Identify Sources of Capital
CONVERGENCE OF NEW MILLENIALS AND EMPTY NESTERS
ON URBAN REDEVELOPMENT
CONVERGENCE OF NEW MILLENIALS AND EMPTY NESTERS
ON URBAN REDEVELOPMENT
• Where they want to live
• What they like to do
• Where they want to work
• Where they want to live
• What they like to do
• Where they want to work
Central Location – Walkable
Near Transportation
Close to Amenities – Restaurants, Retail, Services
Consolidation of Space – Minimize maintenance
Greater importance of common amenities over individual space
Single level – No stairs
WHERE THEY WANT TO LIVE
GATEWAY TRANSIT VILLAGE
630,000 sf Mixed Use Development
• 150 Apartments• 42 Condominiums• 58,000 sf Office • 57,000 sf Retail• 650 car Garage
GATEWAY TRANSIT VILLAGE
TRANSIT VILLAGE - THE RESIDENCES AT THE VUE
TRANSIT VILLAGE - THE RESIDENCES AT THE VUE
TRANSIT VILLAGE - THE RESIDENCES AT THE VUE
TRANSIT VILLAGE - THE RESIDENCES AT THE VUE
RESIDENTIAL FINANCING First Position Mortgage Urban Transit Hub Tax Credits (UTHTC) Bridge Financing for the UTHTC New Market Tax Credits Equity
GATEWAY TRANSIT VILLAGE FINANCINGGATEWAY TRANSIT VILLAGE FINANCING
PARKING AUTHORITY FINANCING Build America Bonds Recovery Zone ED Bonds (Super BAB’s)
RUTGERS UNIVERSITY FINANCING Notes General Obligation Bonds
Restaurants & Retail – Convenience & Destination
Supermarket / Grocery
Services – Healthcare, Bank
Institutional – University
Cultural – Theaters
WHAT THEY LIKE TO DO
GATEWAY TRANSIT VILLAGE
• 45,000 sf. Barnes & Noble Bookstore
• Brother Jimmie’s BBQ
• Café, Taxi, Additional Retail
BARNES & NOBLE RUTGERS UNIVERSITY BOOKSTORE
CONNECTION TO NJ TRANSIT TRAIN STATION
WELLNESS PLAZA
600,000 sf Mixed Use Development
• 50,000 sf Supermarket
• 62,000 sf Fitness & Wellness Center
• 1,275 car Garage
WELLNESS PLAZA – FRESH GROCER
WELLNESS PLAZA – FRESH GROCER
WELLNESS PLAZA – FRESH GROCER
WELLNESS PLAZA - RWJ FITNESS & WELLNESS CENTER
WELLNESS PLAZA - RWJ FITNESS & WELLNESS CENTER
WELLNESS PLAZA - RWJ FITNESS & WELLNESS CENTER
WELLNESS PLAZA – NBPA PARKING
PARKING AUTHORITY FINANCING Build America Bonds Recovery Zone ED Bonds (Super BAB’s) Recovery Zone Facility Bonds Urban Transit Hub Tax Credits (UTHTC) New Market Tax Credits Middlesex County Open Space Grant
WELLNESS PLAZA FINANCINGWELLNESS PLAZA FINANCING
Central Location
Near Transportation
Close to Amenities – Restaurants, Retail, Services
Incentives to Relocate
Near where their next generation of employees want to live and work
WHERE THEY WANT TO WORK
FERREN MALL REDEVELOPMENT
FERREN MALL REDEVELOPMENT
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