NEW BRUNSWICK, NJ-Add AST Development to the list of companies doing major projects in this city's revitalized urban core. As reported by GlobeSt.com, Borraie Development has already started construction on its One Spring luxury condo tower. And earlier this week, the New Brunswick Development Corp. announced plans for the $125-million, 30-story mixed-use Gateway Center, part of a larger plan to revamp the main campus of Rutgers University. For additional information, go to Devco Proposes $125M, 30-Story Downtown Tower.
What AST Development aims to bring to the mix is a mixed-use residential, office, retail and parking complex with an estimated price tag of $67 million. According to plans released by Alan Brandies, the Lavallette-based firm's director of planning and development, the proposal calls for two towers of 10 and 11 stories, which would mostly consist of luxury residential condos. The ground floors of both buildings would have retail space, and floors two through five of the 10-story building would consist of office space.
Between the two buildings would be an 11-story parking facility with room for close to 900 cars. Under the proposal, AST would build the parking facility and sell it to the New Brunswick Parking Authority for approximately $18 million, according to Brandies.
The 1.3-acre site is located at French and Somerset streets. Like Devco's Gateway Center project, the site is within a portion of this city that recently received "transit village" designation, which would qualify if for a variety of state aid. The site itself is currently occupied by Magyar Bank, which has already announced plans to relocate, as well as a surface parking lot and a restaurant. Portions of the site have already been acquired by AST, notes Brandies.
The proposal still must formally be introduced before various city agencies, but AST hopes to break ground by the end of this year. The project would be completed in phases by early 2008. According to a statement issued by Edward Stutz, AST's vice president of leasing and acquisition, his company is targeting "urban professionals and empty-nesters" for the residences, "because of [New Brunswick's] rebirth as a destination city, and adding the proximity of the train station."
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