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LAWRENCEVILLE, NJ-AvalonBay Communities has started construction on Avalon Run East II, a luxury rental community of 312 market-rate apartments. The rental program is expected to start this winter, with initial occupancy next spring, according to Lara Schwager, the company’s development director.

The project is the third AvalonBay has done in this Mercer County community. Combined with the earlier Avalon Run and Avalon Run East I, it will raise the company’s unit count to 632 here, and to more than 3,200 statewide.

The project, the latest in a recent rash of new residential developments in this housing-starved state, will be made up of 16 buildings with a mix of townhomes and stacked, garden-style flats, according to Schwager. It will include a clubhouse of nearly 7,000 sf, and almost 700 parking spaces, and more than 70% of the 69-acre site will be maintained as open space.

AvalonBay, based in Alexandria, VA, has a regional office in Woodbridge, NJ. The company’s ongoing strategy has been to focus on high-barrier-to-entry urban and suburban markets, according to Schwager.Sept. 1 Deadline Set for Revitalization DeductionsTRENTON, NJ-Nearly $40 million is available for companies looking to rehab properties located in the cities of Camden and Newark. The NJ EDA is administering the program.Eric PetersonTRENTON, NJ-Companies that buy, build or renovate commercial properties in Camden and Newark have until September 1 to apply for the nearly $40 million in federal tax benefits available this year. The aim of the program is to stimulate economic development in the two cities, which have struggled for years.The Commercial Revitalization Deduction program is being run by the New Jersey Economic Development Authority in conjunction with local city of empowerment zone staffs in the two cities, which have been designated as Renewal Communities (RCs). Applications and supporting materials have to be submitted to the RC staffs in the two cities, according to EDA spokesman Glenn Phillips.The total available benefits for 2003 are broken down as $24 million available for projects in Camden, and $15.2 million for Newark. A maximum of $10 million is available for any one project, according to Phillips. In years 2004 through 2009, a total of $12 million in tax incentives will be available in each city.

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