Amazon in mid-October detailed a partnership with some of the country’s largest apartment owners and management firms to install its smart phone-connected package lockers at their properties, in the latest sign of the impact that e-commerce has had on the multifamily sector. Developers have sought to include more sophisticated package rooms and concierge services into their new luxury projects in recent years, in an effort to handle the constant stream of boxes coming into their buildings.
The news of Amazon’s $13.7 billion acquisition of Whole Foods Market this summer came with a bit of irony: Many bricks-and-mortar supermarkets in New Jersey and elsewhere had offered online delivery for years, but Whole Foods wasn’t among them. But at the very least, the deal signaled to those other operators that Whole Foods is not to be taken lightly, especially with Amazon’s stated goal of lowering the chain’s notoriously high prices.
The growth of the sharing economy — including platforms such as Airbnb, Uber and Lyft — has created new opportunities for developers and landlords, providing additional ways for them to appeal to renters and help their projects stand out in an increasingly crowded market.
In partnering with Uber, Capodagli Property Co. aimed to provide another amenity and a new level of convenience for its existing tenants.
The decision is also helping to attract future residents — perhaps in a way that it didn’t expect.
It has only been a few months since the start of a partnership between Airbnb and the owners of Jersey City Urby, but all signs point to an arrangement that will be mutually beneficial.
In a market that has been hurt by densification and lackluster job growth, many of the state’s largest office leases in recent years have been tied to tenants looking to consolidate and upgrade their space. But technology and information firms have been a rare source of expansion in New Jersey, fueling new space needs that are about more than just a flight to quality.
Making sure the Garden State can grow its technology sector is a matter of creating the right environment and promoting what the state can offer in the way of labor, education and accessibility. Experts say it’s also up to landlords to ensure that they provide the space that tech users are looking for.
Blending the past with the future is one of the main principles behind Edison Properties’ $80 million plan to convert a well-known, 107-year-old warehouse along McCarter Highway in Newark into state-of-the-art, loft-style office space.
For a place that has been promised a comeback in recent years — only to see it never materialize — experts say Atlantic City is in uncharted yet promising territory that could help usher in a long-awaited recovery. Land prices are at their lowest in decades, local and regional developers with proven track records are investing in the city and the first credible nongaming project in years is under construction, with the potential to bring thousands of students and professionals to the Boardwalk as soon as next year.
Stockton University’s new Atlantic City campus is still more than a year from opening, but the school and its developer are already thinking about what comes next.
A reshaped casino industry and the promise of a nongaming economy are no doubt driving new activity in Atlantic City, but the resort is still grappling with a cash-strapped local government. If you ask some of its newest investors, the city is at least on the path toward a solution after a recent state takeover of the municipality.