As you’ll read in this month’s cover story, the firm known as SILVERMAN is marking its latest milestone in Hamilton Park with a new mixed-use project just off the five-acre green space. Known as Swift & Co., the nine-story building houses 59 apartments and 80,000 square feet of commercial space that’s now fully leased to a mix of office and retail users, plus an upscale, 20,000-square-foot coworking lounge that’s home to dozens of other entrepreneurs and much-needed event space for the community. It’s the Silverman brothers’ latest addition to a neighborhood where they’ve built some 500 residential units and 150,000 square feet of commercial space over 35 years, doing so with a highly visible, hands-on style and high level of engagement with their tenants that has fostered an ecosystem where many residents live and work.
Editor’s Note
Hear directly from Editor Joshua Burd as he brings you the highlights of this month’s issue of Real Estate NJ and his observations from recent interviews.
Taking notice
As you’ll read in this month’s cover story, developers are laying the groundwork for what could be a new wave of apartment construction in downtown New Brunswick, seeking to meet the needs of workers that will come from the transformative, large-scale commercial projects that are taking shape. City officials say they’ve approved plans for residential projects with more than 2,000 units since the start of 2022, with hundreds more in the pipeline, setting the stage for a major infusion of new housing.
What’s old is new
As you’ll read in this month’s cover story, The Connell Co. is entering a new phase of its decade-long, $500 million update of its 185-acre campus along Interstate 78, with construction underway on new residential, dining and entertainment spaces that will create a town square for workers and residents alike. Connell has already taken steps toward opening the corporate park to the public — offering gym memberships and nighttime social events inside its renovated office space — all with a level of branding and merchandising that is unlike anything seen at other commercial properties in the state.
Busy times ahead
As you’ll read in this month’s cover story, the 1.1-square-mile community is benefiting from a flurry of activity in recent years, including the completion of three projects with a combined 450 housing units and new retail space as part of a coordinated plan to revitalize its downtown. That effort is more than two decades in the making, meaning officials there are eager to continue that momentum with the balanced but collaborative strategy that has attracted new investment and outside recognition.
Looking forward
As you’ll read in this month’s cover story, builders and advocates see New Jersey’s new affordable housing guidelines as a good starting point after more than a decade of uncertainty, conveying cautious optimism even as they confront the financial hurdles, legal battles and political debates that have slowed housing production in the past.
Transition time
I’ve come to learn that stories in our People on the Move section are among our most popular online and in print. I understand why — relationships in commercial real estate go back years or decades in many cases, meaning there’s no shortage of interest when a friend or business partner earns a promotion or a position at a new firm. That’s especially true when it comes to developers and owners, as I was reminded earlier this year when we covered two major moves by Accordia.
The right mix
It may well be decades before New Jersey’s suburban office market is no longer overbuilt. That is, of course, assuming that property owners and local officials find the type of common ground needed for redevelopment, as we try to highlight when we come across those stories. We have one such example in our latest issue.
