Planning Board Clears $50M Redevelopment Project

"Working with city leaders, we are bringing this site back to life through a quality mix of commercial and residential development," says Jason Kaplan, vice president of the Highland Park-based Kaplan Cos. "This project is reclaiming an older community, creating a livable neighborhood."

The overall project, at build-out, will consist of a total of 386 residential units, as well as 43,000 sf of commercial space, mostly retail at the ground-floor level. "We are working to attract national retailers," Kaplan says, adding that a pharmacy, a grocery store and "other downtown businesses" are in the mix. "This project creates the space that was never before available here."

Final approval of the initial phase covers the construction of 32 townhomes. Demolition of existing buildings, mostly vacant industrial stock is slated to start next month, subject to permits.

Kaplan's project is also part of a larger effort by city officials to remake this industrial city in Middlesex County. Mayor Daniel Reiman and the local redevelopment agency have put together a plan that calls for a series of redevelopment projects at various locations. In particular, Kaplan's project is seen as a "gateway" to this city of 20,000.

"Drivers heading into town will soon see luxury townhomes and owner-occupied condominiums, followed by a commercial district with loft apartments," Kaplan says. "Our project is the first piece of the mayor's aggressive redevelopment plan to give residents tax relief and revitalize neighborhoods. We hope our investment serves as a catalyst, encouraging others to push forward with their individual plans."

Local officials estimate that the Kaplan project will generate upwards of $1.5 million a year in property taxes. Kaplan is also preparing to launch a similar, but larger project in nearby Bayonne. There, the company is preparing to turn 72 acres of industrial property into a waterfront "transit village" tied to commuter ferry service to New York City.