Under the terms of the agreement, Devco, as the redeveloper is known, will own the building for the next 30 years, leasing the facility to UMDNJ. After that, ownership will revert to the latter.
The plan is to build a 150,000-sf, five-story facility for the Child Health Institute, according to Christopher Paladino, president of Devco. The project will also include some 6,000 sf of retail space on the ground floor, as well as a public courtyard. Princeton, NJ-based Hillier Architects is designing the complex. Devco hopes to break ground by the end of this year and is projecting a two-year build-out, with a total cost of $56 million.
Devco is also planning to relocate several small retail businesses expected to be displaced by the project, which will involve complete demolition of existing building stock.
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