A series of high-profile development projects are poised to infuse three of Newark’s cultural anchors, while helping to advance economic growth in and around the downtown.
Prism Capital Partners has delivered nearly 1,000 multifamily units in recent years, with a niche in high-profile adaptive reuse projects and a growing pipeline of new ground-up construction.
Denholtz Properties has taken another key step in its plan to help jumpstart Red Bank’s west side, as it prepares to open a new luxury apartment building alongside its headquarters and NJ Transit rail service, making good on a plan that began around 2016.
Complex, labor-intensive projects have been central to the growth of Prism Capital Partners’ multifamily housing platform. The firm since 2013 has developed nearly 1,000 units, with hundreds more under construction, thanks to its work at Edison Lofts and other industrial-to-residential conversions in northern New Jersey. Notably, it has balanced those projects with a growing pipeline of ground-up, midrise buildings in towns such as Woodbridge and Dunellen, which boast strong demographics and transit-served downtowns despite being lesser-known locations.
The need for workforce housing shows no signs of fading in the year ahead, fueling continued demand from investors chasing value-add apartment deals in markets such as New Jersey.
Both employers and employees affirm that remote workers can be successful, but it’s still debatable about what the changes mean for commercial real estate, and the office sector in particular.
With the addition of 500 new apartments in recent years and hundreds more in the pipeline, local officials in Bound Brook are forging ahead with efforts to revitalize their downtown.
Fortunately for New Jersey, international migration of the foreign-born is countering the outflow of our domestic population. This trend, however, should not be taken for granted, as immigrants are now heading to other gateways. It is crucial for our economic competitiveness that New Jersey maintain its historic attractiveness for these international arrivals.
Real estate services firm Avison Young is planning a major expansion of its project management platform in New Jersey and nationally after acquiring Studio Eagle, a Springfield-based design and workplace planning firm.