By Joshua Burd
A joint venture is one step closer toward redeveloping a parking lot in Burlington City into 184 apartments and nearly 8,000 square feet of retail space along the Delaware River.
A report by NJ Advance Media said that the firms, Peron Development and Edgewood Properties, have acquired the 3.8-acre lot from the city. The joint venture is planning a $35 million project dubbed Pearl Pointe, which the report said is years in the making.
“Burlington has waited for this project since the 1970s and it was worth the wait,” Mayor Barry Conaway told NJ Advance Media. “Pearl Pointe represents everything we could have hoped for on this site and it will certainly energize our downtown and the whole city.”
The parcel, which is bounded by Pearl Boulevard and High, East Pearl and Stacy streets, sold for $1.68 million, the report said. Construction is slated to begin July 1.
For more, see Friday’s story by NJ Advance Media.
More New Jersey real estate headlines
Two more retail tenants sign onto Hudson Lights in Fort Lee, N.J. (The Wall Street Journal)
Canopy By Hilton hotel proposed for downtown Jersey City (Jersey Digs)
CRDA to vote on master plan amendments (The Press of Atlantic City)
Editor’s note: The Rundown is a regular feature by Real Estate NJ in which we recap commercial real estate stories and headlines from across the state.
