HARRISON TWP., NJ-Canuso Communities and Madison Marquette are teaming up to develop Richwood Village, a mixed-use community slated to rise on 370 acres in the Richwood section of this Gloucester County township. The site was assembled by the Haddonfield-based Canuso in a series of acquisitions from local private landowners, and that firm sought out the Washington, DC-based Madison Marquette as co-developer, according to COO Michael Canuso.
"We will create a community that will serve as a focal point not only for local residents, but also for Southern New Jersey," says Jay Lask, Madison Marquette's managing director of investments. "This location enables us to create a destination that goes beyond anything in the South Jersey marketplace."
That location is about a 20-minute drive from Center City Philadelphia. And what Canuso and Madison Marquette have on the table for the site along Route 55 is a project with a 300,000-sf, pedestrian-friendly town center as its centerpiece, up to 700,000 sf of additional retail and office facilities and 1,200 residential units. The latter would be a combination of townhouses, multifamily and single-family units. Initial portions of the project are slated to open in 2010.
"We acquired the necessary land parcels with a vision of creating a mixed-use development," Canuso says. "We also secured key entitlements, began preliminary planning for infrastructure improvement and sought out Madison Marquette to develop the substantial retail components."
And that retail will focus on a Main Street-style village, according to Lask. "The town center component will feature a mix of traditional lifestyle tenants, restaurants and community-oriented retail," he says. "The Main Street retail, regional commercial uses and office components will integrate with lifestyle residential."
"Richwood Village will also benefit from its proximity to Rowan University, which is in the process of a campus expansion," Canuso says. As reported by GlobeSt.com, that expansion will effectively double the size of the university. Phase one of is under construction, including new dormitories and a major new athletic complex. Also nearby is the site of the South Jersey Technology Park, slated to build out to 1.5 million sf.
The news of Madison Marquette's participation in Richwood Village comes on the heels of this week's report that the company will buy out Kushner Cos.' share of the Wesley Grove residential development within Asbury Park's Oceanfront Asbury redevelopment.
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