The developer, California-based R.H. Tourtelot Co., wants to turn the complex into a mix of commercial and retail space on the ground floor and senior housing on the second and third floors. The company, which has a two-year contract with the city, wants to demolish three of the buildings, but can't do so without state approval because the complex is located within an historic district. That approval is expected to be granted by early next year.
And because Bridgeton has been designated a Regional Center by the state, the developer is also eligible for tax credits. The overall development timetable is set by the developer's contract with the city.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
