Two years after the state Supreme Court shook up New Jersey’s affordable housing landscape, dozens of towns in the state may finally be ready to turn the page, even as many others dig in for what looks to be an even longer fight.
With a court-ordered overhaul of affordable housing in full swing, there are busy days ahead for Tony Marchetta and the New Jersey Housing Mortgage and Finance Agency.
Along with a new opportunity, a potential statewide push for affordable housing comes with a touch of irony for developers like Pennrose.
The resurrection of the Roche property in Nutley and Clifton is well underway — and Prism Capital Partners is already seeing tangible signs of the promise that its sprawling campus holds.
For all the appeal of the five modern, institutional-grade office and R&D buildings that were left standing on the former Roche campus, there is still work to be done. In fact, Prism Capital Partners is planning a multimillion-dollar renovation at three of the buildings.
The planned Seton Hall-Hackensack Meridian School of Medicine is undoubtedly driving much of the interest at the former Roche campus. But it’s certainly not the only attraction.
As an investment opportunity, 800 Scudders Mill Road checked just about every box. A state-of-the-art, trophy office complex that was only three years old. A prime location just outside Princeton. And, perhaps most important of all, a net lease with a blue-chip, global pharmaceutical giant, Novo Nordisk Inc., with a longstanding presence in the market.
For a company that had been in the U.S. for nearly three decades, it was only about four years ago that the conglomerate known as China State Construction Engineering Corp. suddenly caught the attention of New Jersey’s commercial real estate market.
Far Eastern investors have accounted for most of the high-profile deals over the last year or so, but it was a Middle Eastern platform, KFH Capital Investment Co., that made the biggest splash in the fourth quarter of 2016.