Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the multifamily market.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.