NJ Future Forum 2012 Barbell Effect Clarke

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A case study from New Brunswick showing the kind of development taking place in 2012 to accommodate the demands of Baby Boomers and Millennials.

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NJ Future Forum 2012 Barbell Effect Clarke

  1. 1. 2012 NJ Future Redevelopment Forum The Effect of Millennials and Baby Boomers on Urban Redevelopment March 9, 2012
  2. 2. NEW BRUNSWICK DEVELOPMENT CORPORATION“DEVCO”  Not For Profit Development Company  35 Years Experience in Urban Redevelopment with $1.6 billion in public and private investment  Completed redevelopment projects in New Brunswick and throughout the State
  3. 3. BARBELL EFFECT?
  4. 4. KEY FACTORS IN URBAN REDEVELOPMENT Develop a Vision  Identify opportunities and develop a vision of how they will fit together Capitalize on Local Strengths  Understanding the existing infrastructure and key participants Understand Marketplace  Know the evolving requirements from developers, lenders and end users Identify Sources of Capital
  5. 5. CONVERGENCE OF NEW MILLENIALS AND EMPTY NESTERS ON URBAN REDEVELOPMENT • Where they want to live • What they like to do • Where they want to work
  6. 6. WHERE THEY WANT TO LIVECentral Location – WalkableNear TransportationClose to Amenities – Restaurants, Retail, ServicesConsolidation of Space – Minimize maintenanceGreater importance of common amenities over individual spaceSingle level – No stairs
  7. 7. GATEWAYTRANSIT VILLAGE630,000 sf Mixed UseDevelopment•150 Apartments• 42 Condominiums• 58,000 sf Office• 57,000 sf Retail• 650 car Garage
  8. 8. GATEWAY TRANSIT VILLAGE
  9. 9. TRANSIT VILLAGE - THE RESIDENCES AT THE VUE
  10. 10. TRANSIT VILLAGE - THE RESIDENCES AT THE VUE
  11. 11. TRANSIT VILLAGE - THE RESIDENCES AT THE VUE
  12. 12. TRANSIT VILLAGE - THE RESIDENCES AT THE VUE
  13. 13. GATEWAY TRANSIT VILLAGE FINANCING RESIDENTIAL FINANCING  First Position Mortgage  Urban Transit Hub Tax Credits (UTHTC)  Bridge Financing for the UTHTC  New Market Tax Credits  Equity PARKING AUTHORITY FINANCING  Build America Bonds  Recovery Zone ED Bonds (Super BAB’s) RUTGERS UNIVERSITY FINANCING  Notes  General Obligation Bonds
  14. 14. WHAT THEY LIKE TO DORestaurants & Retail – Convenience & DestinationSupermarket / GroceryServices – Healthcare, BankInstitutional – UniversityCultural – Theaters
  15. 15. GATEWAYTRANSIT VILLAGE• 45,000 sf. Barnes &Noble Bookstore• Brother Jimmie’sBBQ•Café, Taxi, Additional Retail
  16. 16. BARNES & NOBLE RUTGERS UNIVERSITY BOOKSTORE
  17. 17. CONNECTION TO NJ TRANSIT TRAIN STATION
  18. 18. WELLNESS PLAZA600,000 sf Mixed UseDevelopment• 50,000 sfSupermarket• 62,000 sf Fitness &Wellness Center•1,275 car Garage
  19. 19. WELLNESS PLAZA – FRESH GROCER
  20. 20. WELLNESS PLAZA – FRESH GROCER
  21. 21. WELLNESS PLAZA – FRESH GROCER
  22. 22. WELLNESS PLAZA - RWJ FITNESS & WELLNESS CENTER
  23. 23. WELLNESS PLAZA - RWJ FITNESS & WELLNESS CENTER
  24. 24. WELLNESS PLAZA - RWJ FITNESS & WELLNESS CENTER
  25. 25. WELLNESS PLAZA – NBPA PARKING
  26. 26. WELLNESS PLAZA FINANCING PARKING AUTHORITY FINANCING  Build America Bonds  Recovery Zone ED Bonds (Super BAB’s)  Recovery Zone Facility Bonds  Urban Transit Hub Tax Credits (UTHTC)  New Market Tax Credits  Middlesex County Open Space Grant
  27. 27. WHERE THEY WANT TO WORKCentral LocationNear TransportationClose to Amenities – Restaurants, Retail, ServicesIncentives to RelocateNear where their next generation of employees want to live and work
  28. 28. FERREN MALL REDEVELOPMENT
  29. 29. FERREN MALL REDEVELOPMENT

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