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                   REALESTATENJTM 19
    “I had immediate interest in it, if only because of my history with the Peddie School and Hightstown,” Kaye said. He credited Bill Feinberg, a longtime architect for the firm, and Stan Koreyva, who joined PRC in 2018
as its president and chief operating officer, with crafting the adaptive reuse and redevelopment plan
that would resonate with borough officials.
“They’re the two geniuses behind the concept,” Kaye said.
PRC has made some notable changes to what previous developers had put forth. For one thing, it has added townhomes to serve as a sort of buffer between the converted mill buildings and the single-family homes that surround the property.
“The design of the townhomes is
to complement the surrounding community,” Lentine said. “That’s why it’s set up that way — so that it’s not
a stark transition, so that it will blend immediately with everything around it.”
The development team also nixed plans for about 30,000 square feet of retail space, Feinberg said, so that the project would not compete with the downtown. If anything, existing merchants on Main Street “can benefit from the fact that we’ll have more people living in town.”
What’s more, he and Lentine pointed to the six-and-a-half story parking garage that will be built near Main Street with 30 spaces for the public and six for the fire company, which is adjacent to the project site.
As for the apartments, Lentine expects the units to have the kind of modern, upscale aesthetic that has become synonymous with
PRC Group is moving ahead with plans to restore and redevelop a historic rug mill complex in Hightstown. From left: Bill Feinberg, president of Voorhees-based Feinberg & Associates P.C., stands with PRC Group Chairman and CEO Robert M. Kaye, Senior Vice President Greg Lentine and President and Chief Operating Officer Stan Koreyva.
 northern New Jersey. He noted that most of the rentals in and around Hightstown are outdated, garden- style apartments, providing an opportunity for PRC to fill a void in the market.
“The finishes will be the urban look, but the design is going to be for people in this community,” he said. “We know we’re not going to draw people from Jersey City, Hoboken or Harrison.”
PRC expects to have an abundance of two-bedroom options in order
to cater to existing Hightstown residents, Lentine said. But the final product will still be designed to draw a diverse mix of tenants.
“We may have people of an older
age ... down to students and people who are working out of the city,” said Feinberg, president of Voorhees- based Feinberg & Associates P.C. “So we have a lot of variety, from the
townhouses to the duplexes and a lot of one-bedroom dens for working at home.”
The project still requires approvals from the borough council, Mercer County and the state Department of Environmental Protection, PRC said, not to mention negotiations for a payment in lieu of taxes agreement. That means construction is unlikely to begin until next spring at the earliest, but the firm has already taken steps that have caught the attention of local residents. Last
fall, for instance, PRC tore down
a 20,000-square-foot metal storage building on the west end of the site, clearing the way for what will be 35 of the 43 townhomes.
“Now they realize it’s actually real,” Koreyva said. “Now there is more excitement than ever.”
The developer also plans to raze a historic but derelict yellow home
across the street in order make room for the other eight townhomes. In the process, it will build a sort of replica of the residence, which will ultimately house a 3,000-square-foot clubhouse, a manager’s apartment and a leasing office.
PRC’s attention to history will be consistent throughout the site. Preserving the brick and concrete mill buildings will require refurbished exteriors and the installation of replica windows, a project for which it will seek tax credits under the Federal Historic Preservation Tax Incentives program.
“Both council and planning board have always felt that those buildings should be preserved to the greatest extent possible,” Stults said, noting that the tax credit program will come with additional guidelines for the adaptive reuse project. “That’s another win for the borough.” RE
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􏰩􏰪􏰡􏰫􏰬􏰢􏰡􏰢􏰢􏰢
􏰭􏰑􏰈􏰉􏰖 􏰀􏰮􏰍􏰋􏰉􏰞􏰡 􏰜􏰖􏰃􏰈􏰑􏰉􏰓 􏰯􏰏 􏰰􏰑􏰍􏰍􏰊 􏰐􏰃􏰊􏰍􏰍 􏰰􏰄􏰗􏰗􏰄􏰉
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􏰲􏰗􏰑􏰒 􏰔􏰑􏰁􏰖􏰄􏰉􏰊􏰡 􏰳􏰄􏰒 􏰐􏰌􏰑􏰙􏰤􏰑􏰍􏰖 􏰳􏰉􏰄􏰒􏰍 􏰝􏰴􏰗􏰓􏰑􏰈􏰗
              JIM MCGUCKIN l REGIONAL MANAGER l 250 PEHLE AVE #501, SADDLE BROOK, NJ 07663 l PHONE: (201) 742-6150 􏰛􏰨 􏰳􏰉􏰊􏰞􏰄􏰉 􏰊􏰁 􏰜􏰄􏰃􏰊􏰉􏰓 􏰧 􏰳􏰉􏰖􏰑􏰒 􏰝􏰊􏰅􏰄􏰴 􏰧 􏰶􏰷􏰢􏰦􏰸 􏰚􏰪􏰷􏰧􏰠􏰦􏰢􏰢
  􏰀􏰁􏰂􏰃􏰄􏰅 􏰇􏰈􏰉􏰊􏰋􏰌􏰈􏰊􏰋􏰍 􏰍􏰈􏰄 􏰎􏰏􏰐􏰏 􏰑􏰒􏰓 􏰔􏰑􏰒􏰑􏰓􏰑 Real Estate Investment Sales » Financing » Research » Advisory Services 􏰕􏰑􏰉􏰃􏰋􏰅􏰕􏰖􏰗􏰗􏰖􏰃􏰈􏰑􏰘􏰏􏰃􏰊􏰙
 Photo by Aaron Houston for Real Estate NJ
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