Developer Bayville Holdings, a local partnership, this weekformally re-opened the building for business, although leasingactivity had already been launched in recent weeks. The residentialcomponent consists of a combination of one- and two-bedroom units,with 20% set aside for working families with incomes below 50% ofthe area's median income. The initial commercial tenant is the NJPublic Information Research Group, and Bayville is said to beactively courting a restaurant tenant for its largest retailspace.

The building's redevelopment process has been in the makingsince 2005. "There is alot of history behind this building," says Bayville Holdingspartner George Fakiris. "The building is beautiful."

And the asset, bounded by East State, South Montgomery and SouthBroad streets in this city's downtown, is also green. "We havespent more than $30 million to make it even more beautiful andsustainable," Fakiris says, adding that energy-efficient lightingfixtures, appliances and HVAC systems are all part of thepackage.