EWING TWP., NJ-Opus East, based in Rockville, MD, has started work on PrincetonSouth Corporate Center, a 104-acre mixed-use development about 10 miles southwest of Princeton. As reported previously by GlobeSt.com, Opus East and partner Opus Development Partners of Minnesota acquired the property in May from Bloomberg Financial for an undisclosed price, and in June unveiled their general site plan for the tract.
First phase work, just underway, encompasses two office buildings totaling approximately 200,000 sf of class A space. Targeted for completion in October 2007, the two buildings will pave the way for a build-out that will include a half-dozen three- and four-story office buildings, a 144-key hotel and conference center, several restaurants and a bank branch. Totaling nearly 750,000 sf, the project is expected to cost somewhere in the neighborhood of $230 million.
"This is a superior location that will serve both Central New Jersey and eastern Pennsylvania," says Bill Walters, director of development for Opus East. "It provides office tenants with a top class A location that is easily accessible from all directions."
The built-out project, located at the intersection of I-95 and Route 31 about a half-mile from the general aviation Mercer-Trenton Airport, is projected to bring some 3,500 jobs to the region. It's also expected to boost the local tax base by an estimated $2 million a year. "That's great news for Mercer County and for New Jersey," says Virginia Bauer, New Jersey's Secretary of Commerce.
Even before buying it from Bloomberg, Opus East had its designs on the property for its development potential. "We were made aware of the site in January," C. Craig Guers, senior vice president and general manager of Opus East, told GlobeSt.com in June when his company initially rolled out its plans, less than two months after closing on the acquisition. Prior to that acquisition, Bloomberg had its approvals in place for upwards of a million sf of commercial space.
"This represents our fourth major investment in New Jersey," Guers says. "It brings our total investment in the state since 2001 to more than $300 million. It indicates our confidence in New Jersey's commercial real estate market."
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