CAFRA is a state law designed to protect coastal waters and the land adjacent to them, and anything major that is built within the protected area has to get a CAFRA permit from the New Jersey DEP. With that accomplished, the developer has been cleared to proceed with its 185-acre master-planned project, according to Phil Ludeke of Picus Associates, its project managers. The company has already poured $1.5 million into the campus, including expenses for planning, design, engineering, legal fees, permitting and feasibility and marketing.

"Our first phase will include installation of infrastructure, including roadways, street lighting, water, storm and sewer systems, landscaping and all utilities that are designed to be underground," according to Ludeke. "A portion of the funding for this will come from a New Jersey DOT grant, which we were able to secure this past spring."

The developers are projecting a build-out of up to 15 buildings, for sale, lease or as build-to-suits. Individual office buildings will range from one to five stories, with floor plates ranging from 30,000 to 60,000 sf, according to Ludeke. The property will incorporate open areas and gardens, as well as restaurants and other retail services. The site is located adjacent to GPU Stadium, home of the minor league Lakewood BlueClaws baseball team, as well as to 200 acres of pine forest that will be left in its natural state.

The campus is also located within both an urban enterprise zone and a foreign-trade zone, according to Joseph Sarno, senior director for Cushman & Wakefield of NJ, East Rutherford, which has the marketing exclusive for the property. "It is also a designated redevelopment area, which adds a number of tax advantages, workforce training and grant opportunities for tenants," according to Sarno.

Besides Picus Associates and Cushman & Wakefield, other members of the development team include the Hillier Group of Princeton as planners/architect, D.W. Smith Associates of Lakewood as project engineer and Whiting-Turner as construction managers.

Cedarbridge Development Corp.'s board of directors includes a number of prominent real estate developers, including George Klein of the Park Tower Group, New York; Charles Kushner and Jeff Freireich of Kushner Cos., Florham Park, NJ; and Paul Reichmann of the Toronto-based International Property Corp.

Instant Insights /

1.5M-SF Office Project Clears Key Approval

Related Stories

Recommended For You