Residential & Mixed Use

The construction boom in New Jersey is no more evident than in the multifamily and mixed-use sector, thanks to changing demographics and the demand for urban-style living, even in the suburbs.

Government & Public Policy
‘Indistinguishable from rent control:’ Critics expect legal challenge to Newark law penalizing landlords, warn of development slowdown

The state’s commercial real estate industry is pushing back on a new ordinance in Newark that aims to limit rent increases at new, non-rent-controlled apartment buildings, arguing it will stifle development and the creation of affordable housing — while openly doubting its legality.

From the Publisher
You can’t make it up: Newark’s thinly veiled rent control law is reckless (and illegal)

Newark Mayor Ras Baraka must have snuck into our recent seminar — The Newark Redevelopment Update — and heard the buzz about this proposed resolution because it appears he ran out and got it enacted into law immediately. What is so silly about his maneuver is the fact that it is clearly illegal and will be more than likely overturned rather quickly. So why pass such a resolution in the first place?

Residential & Mixed Use
Kislak: 100-unit Bridgewater rental complex on the market for sale, listed at $38 million

The owner of a 100-unit townhome complex in Bridgewater is seeking a buyer for the property, in a newly announced offering by The Kislak Co. Inc.

Health Care & Education
Developer unveils Meyer-designed assisted living, memory care facility in Marlton

A developer has opened the doors to a new 87-unit assisted living and memory care facility in the Marlton section of Evesham Township, according to architects with Meyer.

Residential & Mixed Use
Kislak inks sale of 52-unit Long Branch apartment complex for $10 million

The longtime owner of a 52-unit apartment complex in Long Branch has sold the property for nearly $10 million, according to a broker with The Kislak Co. Inc.

Government & Public Policy
EDA unveils grant program for development, art projects in transit-served urban areas

The state Economic Development Authority has launched a grant program aimed at sparking new development and art projects in cities that are served by mass transit but saw a drop in commuter foot traffic during the COVID-19 pandemic.

Top News
Site of Newark’s famed Iberia restaurant sold, slated for 2,500-unit mixed-use redevelopment

A development group has acquired the site of Newark’s famed Iberia Tavern & Restaurant and several surrounding lots, where it now hopes to build more than 2,000 residential units and a bustling restaurant row in the heart of the city’s Ironbound district.

Residential & Mixed Use
Pennrose debuts new affordable housing in Glassboro for seniors, residents with disabilities

Pennrose has unveiled 64 new apartments in Glassboro for seniors and individuals with disabilities, following its $20 million redevelopment of a former public housing complex.

Features
Long-awaited Parsippany project comes with visions of bustling, downtown-style retail

Developers and local officials say they have high hopes for a luxury mixed-use development on Route 10, one with a concept that seemingly relies more heavily on retail and restaurants than typical mixed-use residential developments, in an effort to broaden its appeal.

Finance & Capital Markets
‘Vinty’ developers ink $97 million loan for new 297-unit Elizabeth rental property, JLL says

The developers of a new 267-unit apartment building in Elizabeth have obtained more than $97 million in financing for the downtown property, brokers with JLL announced Tuesday.