X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW BRUNSWICK, NJ-The ink was barely dry on plans for a $275-million, 34-story tower in this city’s cultural district in recent days when city officials unveiled plans for another ambitious mixed-use project. And this one is even bigger.

The projected price tag is $650 million, and the complex would total upwards of 1.8 million sf on five acres surrounding the city’s Northeast Corridor rail station. Unveiled by Mayor Jim Cahill and developer Tom Moore, a principal of the Voorhees-based New Street Area Development LLC, the centerpiece would be a 28-story concave building flanked by two 17-story towers. The site is bordered by Joyce Kilmer Avenue and Bayard and Redmond streets.

Specific components for the Pinnacle at New Brunswick Station, as outlined by Cahill and Moore, would include more than 750 residential units including apartments and townhouses, a retail component anchored by a 50,000-sf supermarket, a health club, pocket parks, approximately 250,000 sf of office and an expanded streetscape.

The plans are “preliminary,” according to Cahill. “This is another stage in our redevelopment of Downtown,” he said at the press conference introducing the project. “It is a pedestrian-friendly use that takes advantage of our mass transit.”

Along those lines, as is the case with the earlier proposal involving the cultural center several blocks away, the Pinnacle at New Brunswick Station would offer corporations the same benefits under the state’s recently passed $75-million tax credits package for building or leasing offices within a half-mile of transit hubs.

New Street Area Development already has control of portions of the site, and company and city officials say negotiations are under way with other property owners in the mostly residential development site. As far as design, “it’s a work in progress,” Cahill said at the announcement. Martin Santini of the Englewood office of Cubellis Ecoplan has been hired to flesh out the design details.

The project’s genesis goes back nearly five years when Moore and co-principal Lawrence Levy formed New Street to take on the project. A 2010 construction start is the current estimate. As part of the project, the landmark Joyce Kilmer House, home of the famous late poet of “Trees,” is expected to be restored.

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?

GlobeSt. APARTMENTS SPRING 2021Event

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

Get More Information
 

GlobeSt

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.