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RIVERSIDE, NJ-The Teicher Org. has been designated by local officials as redeveloper of a tract along the NJ Transit Light Rail River Line in this Burlington County township in South Jersey. The designation follows the firm’s recent acquisition of the former Zurbrugg Memorial Hospital site, shuttered in the aftermath of the bankruptcy of Allegheny Health, and three adjacent parcels of land. Terms of the site acquisition were not released.

What the East Brunswick-based Teicher has in mind for the site is a mixed-use project carrying an estimated price tag in the neighborhood of $100 million. Preliminary plans call for a combination of 430 residential condos and townhomes, along with an unspecified amount of retail and office space.

“This project represents an opportunity to become involved in this revitalization effort,” says Fred Teicher, president and founder of the company that bears his name. “This location in the shadow of Philadelphia and accessibility to train service has made it an option for commuters and other professionals.”

The proposed project, located across from this community’s NJ Transit Light Rail Station, also fits into the New Jersey DOT’s transit village initiative, which carries a number of development incentives. More detailed plans for the site are expected to be unveiled to local officials in the coming months.

“We plan on developing a pedestrian-friendly neighborhood that will reduce the reliance on automobiles,” Teicher says. “It will create work/live streetscapes consistent with the transit village initiative’s goal for the redevelopment of areas surrounding major commuter hubs.”

The site acquisition and redeveloper designation are part of Teicher’s campaign to expand its American Communities portfolio, a division of the company that focuses on developing urban sites in existing urban communities in the Northeast. In New Jersey, is working on redeveloping a former Salvation Army building in Asbury Park into a combination of 130 condos and 10,000 sf of retail space, a project that has entered the design phase. The company is also working on similar projects in Kingston and Port Jervis, NY.

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