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RIVERSIDE, NJ-The Teicher Organization has rolled preliminary plans for a new mixed-use transit village on several parcels surrounding the NJ Transit Light River Line station here. The project in this Burlington County, South Jersey township, carries an estimated price tag of $100 million.

The East Brunswick-based Teicher was tapped in August as exclusive redeveloper for much of the township’s Light Rail redevelopment zone, and plans for the project are still in the early stages. But those plans initially call for 430 residential condos and townhouses, along with retail and office space.

The project is slated to rise on the site of the shuttered Zurbrugg Memorial Hospital on Pavilion Ave. and three adjacent parcels. The hospital closed in the wake of the bankruptcy of parent Allegheny Health, and the redevelopment also falls within the NJ DOT’s transit village initiative. A timetable has not been released.

The plans move forward as Teicher prepares to move ahead as well with several other projects. Among them is a new 32,000-sf, two-story office building at the intersection of Cranbury and Fern roads in East Brunswick. Named Cranbury Office Park, the multi-tenant building will also house the company’s own headquarters.

And in Asbury Park, Teicher, this year, will begin the conversion of former Salvation Army building at the corner of Fifth Avenue and Kingsley Street in Asbury Park into a collection of two- and three-bedroom condos. Called Majestic on the Park, it’s part of that city’s Oceanfront Asbury redevelopment.

“This year we plan to capitalize on today’s competitive housing market and become involved in some of the state’s most exciting revitalization efforts,” says Fred Teicher, president of the company that bears his name. “We will also continue to increase our presence in suburban and urban geographic locations by aggressively pursuing new land opportunities in New Jersey, New York and Pennsylvania.”

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