Kaplan Cos., which is known mostly for developing upscale houses and apartments in New Jersey's suburbs and elsewhere, is the latest suburban-oriented developer to turn its sights to downtown opportunities in a state where the term "anti-sprawl" remains a buzzword and a political hot potato. The firm joins a city-bound list that includes such well-known names as Matrix, Advance Realty Group, SJP Properties and Kushner, to name just a few.
"This project will change this community," according to Mayor Daniel Reiman, speaking at the recent contract signing. "This project will be the catalyst for everything here."
The Downtown tract to be redeveloped by Kaplan is in the Chrome section of this Middlesex County community of 22,000 people. Chrome, which has struggled economically in recent years, largely encompasses the city's Downtown and adjacent areas and has historically encompassed mostly commercial and industrial uses. City officials have long targeted the area as the focus of their redevelopment efforts.
The details remain to be ironed out, but the general site plan calls for an unspecified number of Victorian-style townhouses. The residential component will be backed up by more than 40,000 sf of retail space and other commercial uses, and the redevelopment would be tied together with a new streetscape along Roosevelt Avenue.
Existing building stock, which is mostly vacant, will not be utilized as part of the Chrome project, according to company officials. Under the terms of the newly signed agreement, work on razing the existing buildings is scheduled to start by the end of May, and Kaplan officials say they hope to start construction by the end of this year.
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