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.
Maintaining a healthy level of connectivity is critical. This is why we need to continuously invest in our infrastructure to keep things like our economy and lives moving. People, goods, cars, trucks, trains, data, energy, drinking water and sewerage need to get places in a timely way. Where and how we live, work and play are influenced by access to these places.
More than a decade after the debut of the landmark, mixed-use Pier Village complex, Long Branch has other developments under construction or in the pipeline along its oceanfront, including new luxury condominiums. And along Lower Broadway, a developer is in the midst of demolishing dozens of blighted properties, following the resolution of what had been a fierce legal battle over back taxes and entitlements. The demolition is now clearing the way for a mixed-use project that could begin to transform the downtown as soon as next year.
Mimi Feliciano recalls spending the early part of her college years in Miami — and how it wasn’t long before she fell in love with everything from the architecture to the lifestyle. It’s one reason why she and her firm, FEM Real Estate, have grand designs of bringing a taste of South Beach to her home state with its new project, South Beach at Long Branch.
Brian Hosey has risen through the ranks of Marcus & Millichap and was hired in 2014 as the regional manager for its northern New Jersey office, where he now oversees a growing sales team of about 40 for the nation’s largest investment real estate brokerage firm for private clients.
Besides New York City tourism, what are some of the biggest drivers of new development and investment in New Jersey’s hotel industry? We assembled a panel of industry experts to tackle this month’s question.
As Miles Berger knows all too well, transit access and proximity to Manhattan have been longtime drivers of Newark’s office market. He also knows that those benefits play a major role in the city’s lesser-known tourism sector. It’s why Berger is taking a major step to upgrade his hospitality portfolio in downtown Newark: a gut renovation of a 90-year-old hotel that will result in a new state-of-the-art property near the city’s Military Park.
This multiyear transformation of our downtown areas has led to speculation that the single-family, suburban model of development is dead. In this article, I will make a different prediction. Today, I predict that the next great housing boom will be in the suburbs. The millennials will move out of the city and into the suburbs and will commute farther distances, by car, than previous generations.
For some tenants at The Crossings at Jefferson Park, the biking and walking trails that weave through the Whippany office campus have become a modern-day meeting space, as have the food court and lounges inside the property’s new amenity center. That’s according to executives with Vision Real Estate Partners, who are now looking to replicate and build on that success at another suburban office campus in New Jersey.
I’ve always loved the type of story that gets my blood pumping. It catches your eye, makes you drop what you’re doing and gets you excited to think about breaking the news to your readers. Those stories are not so…