The document summarizes the redevelopment of a blighted 30-year vacant site in Plainfield, NJ into a mixed-use development with commercial and residential components. A 44,000 square foot warehouse was constructed for ABC Supply and 90 affordable housing units will be built utilizing low-income housing tax credits. The project overcame challenges like environmental issues and negotiated approvals from the municipality within one year by utilizing tax incentives and financing tools. Coordination between the developer, municipal bodies, funding institutions, and state agencies was required to successfully execute the redevelopment within an aggressive timeline.

1. REIGNIGHTING
STALLED PROJECTS
DIANA R. ROGERS
Director
Housing and Economic Development
City of Trenton

2. Arena District
Roebling Complex Redevelopment Area
City of Trenton
#1

3. Foundry on 129
134,000 SF of Entertainment Based Retail
90 Predominantly Market Rate Apartments
Nightclubs, Restaurants and Retail
Outdoor Performance Area for Festivals
650+ Car Parking Garage

4. Foundry on 129
The Trenton Foundryon 129
2004: Proposed - Trenton Foundry
$37millionEntertainmentbased retail & housing
New market tax credits
MCIA to hold mortgage
Large project
2005: Executed RedevelopmentAgreement
Developer NJRA Loans for acquisition& soft costs
Pursuing New Market Tax Credits
Properties acquired, some conveyed to developer
ObtainingLocal Board Approvals
Obtainingbank financing
2006: Terms with Developer to move project forward
2008: Defaulted Developer
2010: Fully unwound project, litigation, etc.
Properties under MCIA control

5. The Redirection
Scaled back on site for development.
Consolidated properties-made developable.
Kept development on street frontage.
Fee simple sale.
Still opportunity for additional development.
New Jersey
Association of Realtors

6. New Jersey
Association of Realtors
NJ Association of Realtors Corporate HQ
2012: NJ Association of Realtors
“interested”
2014: Executed Redevelopment Agreement
Site consisted of 8 separate properties
3 lots subject to NJRA Liens from former
development
12 Amendments to Redev Agreement
2015: NJAR Ground Breaking
2016: NJAR Moved in

7. New Jersey
Association of Realtors

8. Arena District
Roebling Complex Redevelopment Area
City of Trenton
#2

9. Manex Entertainment
Manex Studios
2003: Executed Redevelopment Agreement
Plans movie studio equipment rental
company
All properties conveyed to developer
Note held by MCIA
2006: Defaulted Developer
Properties were in developer control
Tax Liens on properties
Did not convey properties back
2008: Completed terminating agreement
Recovered properties
Cleared liens

10. The Redirection
Issue “Request for Expression of Interest”
Considered a Multi-phase project.
Convey properties in phases.
Hold mortgage - first phase purchase.
Mortgage taken out at permanent financing.
No “False” Starts.
Manex Entertainment

11. Roebling Center

12. Roebling Lofts
Roebling Center:
2009: Issued Request for Expression of Interest
Received 6 proposals
Reviewed, interviewed unanalyzed proposals
2010: Selected Developer to begin detailed discussions
2011: Executed Redevelopment Agreement
Multi-Phased Project
Properties conveyed in phases
2016: Ground Breaking on Roebling Lofts – (Phase 1)
138 Residential Lofts
2017: Anticipated Completion (Phase 1)

13. Transformative Urban Redevelopment
Case Study:
662-758 South Second Street
Plainfield NJ

14. School of Nursing
ABC Supply, Plainfield/ The Station At Grant Avenue
Commercial:
• 44,000 sf warehouse
• 2 acre concrete staging area

15. School of Nursing
The Station at Grant Avenue
Residential:
• 5-story building: 4 residential floors over covered parking
• 90 Residential Units (LIHTC)

16. Site Location
Site
• South Second Street, Plainfield NJ (Between Grant Avenue and Plainfield
Avenue)
• Access to transportation (less than 0.5 miles from up 14 bus routes)

17. Site Conditions
Site
• 30 years+ vacant site with illegal dumping and historic fill
• Open environmental issues
• Blighted site

18. Mixed Used Development: Commercial/Retail Tenant
Goal: Identify a viable long term tenant and create a compelling incentive package
to make the location advantageous
The Problem: Rents at a cost that does not support a traditional conventional
transaction.
Our Process:
• Unconventional financing tools and incentives (New Market Tax credits, UEZ)
• PILOT Agreements
• Shorter project timelines. In this case, agreement to complete the project by
December 31st, 2016 - within one year of agreeing to the project but, before any

19. Mixed Used Development: The Municipality
Goal: Negotiate the pre-development approval
p process in a timely, effective and efficient manner from
designation to planning board approval
Major agreements
• Redeveloper’s designation
• Redevelopment Agreement (RDA)
• PILOT Agreement
• Planning and Zoning Board Approvals
Problem: Perception that most urban municipalities are “difficult” to work with can
result in this process extending over an extremely lengthy period of time - 3-10 years.

20. Our Solution: Work the Process
• Held twenty-one separate meetings with City Council members
 One on One training session on PILOT agreements
 Agreement to move forward with a PILOT
 City Council Buy-in that the Project is good for the
neighborhood
Planning and Zoning
• Redevelopment Plan amendment to create zoning envelope to accommodate 44,000 sf
distribution center and 90 units of Housing
• Preliminary and Final Site Plan Approvals
• Minor Subdivision
Special Conditions
• Agreement to take over environmental Remediation ( RAO, January, 2017)
• Work with NJRA as a partner in negotiations with the NJEDA and the City of Plainfield
to obtain subordination of open lien position from NJRA and the NJEDA
Mixed Used Development: The Municipality

21. Mixed Used Development: The Financing
Goal: Structure project (financing) to maximize IRR by utilizing tax credits, debt
financing, and other municipal and governmental subsidies to minimize project risk
factors.
Problem: Rents at a cost that does not support a traditional conventional transaction
Our Process:
• Significant upfront sponsor’s equity
• Conventional debt financing
• New Market Tax Credits (as gap fund filler) using a complicated structure
• LIHTC for affordable housing

22. Mixed Used Development: The Outcomes
Goal: Stick to your timeline and make everyone happy!
Problem: Easier said than done
Our Outcomes:
• First major redevelopment project in Plainfield, NJ in over thirty years
• Successful PILOT agreement with the City of Plainfield
• New 44,000 sf Distribution Center that retains ABC Supply, a national brand in
Plainfield with Phase I completed on time December, 31st , 2016
• Proposed new 90 units of affordable housing utilizing a combination of sponsor’s
equity, LIHTC and conventional debt financing

23. Mixed Used Development: The Team
Goal: Select professionals who understand your goals and get results from all
agencies/players involved in the process
Our Team:
9
Municipal
Bodies and
Departmen
ts including
the
Communit
8
Developme
nt
Professiona
l groups
(developers
, legal,
3
Funding
Institutio
ns
Including
sponsor’s
equity
4
State
Agencies

24. School of Nursing
The Station at Grant Avenue
Residential:
• 5-story building: 4 residential floors over covered parking
• 90 Residential Units (LIHTC)

25. ABC Supply, Plainfield/ The
Station At Grant Avenue

26. Mixed Used Development: The Players
THE
WOOLRIDGE
LAW FIRM

30. Harvard Printing
Orange, New Jersey