What's in store for the property, which is being called Cornerstone Commerce Center, is a combination of 140,000 sf of class A office space and a retail component of 80,000 sf, including an upscale restaurant and banquet facility. The remaining 30,000 sf of the building, which is being gutted to its shell by the developer, will be common area space.

The facility, which was constructed on its 36-acre site just west of Atlantic City in the late 1950s, was occupied by Pru until 1999, with as many as 1,200 people employed there at its peak. Karman acquired the property for an undisclosed price in 2002 and kicked off on-site work late last year. The renovation work is expected to be completed by the end of this year.

The center is also the initial project to obtain financing under the New Jersey Economic Development Authority's new Smart Growth Predevelopment Loan Fund. The EDA made the Smart Growth loan of $1 million for two years at an initial interest rate of 3%.

"A key benefit of the loan received is that it is predevelopment financing that takes care of a lot of upfront research and fact-finding to move the project ahead," according to Karman Development managing partner Robin Karman. "The low-interest terms are very favorable."

The EDA program, along with its companion Brownfields Redevelopment Loan Program, are designed to encourage redevelopment projects, according to state officials. With the $1-million loan to Cornerstone Commerce Funding, total outlays to date of the two new programs are in the $3.3-million range.

At build-out, the project will generate as many as 800 jobs, Karman predicts, as well as approximately 250 construction jobs in the interim. His company is currently seeking an operator for the high-end restaurant facility, and is marketing the office space for a listed $18 per sf.