The intersection of health care and commercial real estate has become a familiar topic in recent years, one that has come in all shapes and sizes.
In New Jersey, we’ve seen urban hospitals serve as the catalyst for revitalizing inner cities. We’ve seen urgent care centers, physical therapy chains and other medical users provide a much-needed lift to strip malls and downtown retail spaces.
Our latest cover story comes at it from yet another angle, one that struck me as being different from what we’ve covered before. As you’ll read, a joint venture is banking on health care as a key ingredient in a long-awaited, mixed-use project in Gloucester County. Consider that the 35-acre development, known as Washington Square Town Center, includes a 40,000-square-foot medical office building as a way to balance the amount of retail on the site. The plan also calls for a 110-bed assisted living facility, which will provide the tax revenue that might otherwise come from a more traditional commercial use.
We visited the site and spoke to the developers, Woodmont Properties and The Atkins Cos., about how those uses will co-exist with the more than 400 luxury apartments and townhomes that make up the residential portion of the project. And they see it as a formula that could be replicated elsewhere, providing a template for a different kind of mixed-use town center.
Our October issue also takes a fresh look at another key topic — the office space of the future — thanks to a recent program hosted by NAIOP New Jersey. Experts tell us that amenities, collaboration space and access to transportation will all remain important, but those features must be increasingly focused on wellness, sustainability and diversity. Look no further than the state-of-the-art campuses developed for Unilever in Englewood Cliffs and Barclays in Whippany, where the companies are relying on technology and stringent design guidelines to achieve those goals.
In our Personalities section, we highlight the career of Barry Mandelbaum, whose legal practice spans nearly 60 years and is closely tied to many of the state’s most prominent real estate families. It should come as no surprise that real estate law has been a key growth driver for his firm, Mandelbaum Salsburg P.C., which is a multigenerational business in its own right.
We bring you those stories and more in our October issue. The fall is off to a busy start, which we can only hope will translate to a busy 2019. If our story pipeline is any indication, there will be much to talk about as we close out the year and turn the calendar.
As always, we hope you continue to find everything you need in these pages and online at www.RE-NJ.com and in The Briefing, our daily e-blast, along with our weekly Industry Roundups. Thank you for reading and for your continued feedback. Enjoy the issue!