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FRANKLIN TWP., NJ-Construction will be under way later this year for Renaissance Gateway, a 138,000-sf mixed-use complex in this Somerset County community in Central New Jersey. Pennrose Properties Inc., based in Philadelphia, and Renaissance Redevelopment Group LLC, a local organization, have been tapped by the Franklin Township Redevelopment Agency to do the project as part of the township’s larger redevelopment plan.

What Renaissance Gateway LLC, as the partnership is called, will develop on the site is a total of 71,000 sf of retail space, 61,000 sf of office space and a 6,000-sf senior day care center in a “town center” style configuration. The project, located on just over 15 acres on Route 27 adjacent to the 6,000-member First Baptist Church of Lincoln Gardens, will also provide approximately 500 parking spaces. No cost figure for Renaissance Gateway has been released.

The exclusive leasing assignment for Renaissance Gateway has gone to Coldwell Banker Commercial NRT, with Martin Drechsler of the firm’s Metuchen, NJ office heading the effort. According to Drechsler, pre-construction leasing of the site is currently underway, with an asking price of $12 per sf, triple net.

Coldwell Banker Commercial NRT is part of the NRT group of companies with operations in 17 states. NRT Inc. itself is a subsidiary of Cendant Corp.

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