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

1. 2012 NJ Future Redevelopment Forum
The Effect of
Millennials and
Baby Boomers on
Urban Redevelopment
March 9, 2012

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. BARBELL EFFECT?

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

7. 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

8. WHERE THEY WANT TO LIVE
Central Location – Walkable
Near Transportation
Close to Amenities – Restaurants, Retail, Services
Consolidation of Space – Minimize maintenance
Greater importance of common amenities
over individual space
Single level – No stairs

9. GATEWAY
TRANSIT VILLAGE
630,000 sf Mixed Use
Development
•150 Apartments
• 42 Condominiums
• 58,000 sf Office
• 57,000 sf Retail
• 650 car Garage

10. GATEWAY TRANSIT VILLAGE

11. TRANSIT VILLAGE - THE RESIDENCES AT THE VUE

12. TRANSIT VILLAGE - THE RESIDENCES AT THE VUE

13. TRANSIT VILLAGE - THE RESIDENCES AT THE VUE

14. TRANSIT VILLAGE - THE RESIDENCES AT THE VUE

15. 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

16. WHAT THEY LIKE TO DO
Restaurants & Retail – Convenience & Destination
Supermarket / Grocery
Services – Healthcare, Bank
Institutional – University
Cultural – Theaters

17. GATEWAY
TRANSIT VILLAGE
• 45,000 sf. Barnes &
Noble Bookstore
• Brother Jimmie’s
BBQ
•
Café, Taxi, Addition
al Retail

18. BARNES & NOBLE RUTGERS UNIVERSITY BOOKSTORE

19. CONNECTION TO NJ TRANSIT TRAIN STATION

20. WELLNESS PLAZA
600,000 sf Mixed Use
Development
• 50,000 sf
Supermarket
• 62,000 sf Fitness &
Wellness Center
•1,275 car Garage

23. WELLNESS PLAZA – FRESH GROCER

24. WELLNESS PLAZA – FRESH GROCER

25. WELLNESS PLAZA – FRESH GROCER

28. WELLNESS PLAZA - RWJ FITNESS & WELLNESS CENTER

29. WELLNESS PLAZA - RWJ FITNESS & WELLNESS CENTER

30. WELLNESS PLAZA - RWJ FITNESS & WELLNESS CENTER

31. WELLNESS PLAZA – NBPA PARKING

32. 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

33. WHERE THEY WANT TO WORK
Central Location
Near Transportation
Close to Amenities – Restaurants, Retail, Services
Incentives to Relocate
Near where their next generation of
employees want to live and work

34. FERREN MALL REDEVELOPMENT

35. FERREN MALL REDEVELOPMENT