Page 39 - RENJ Sept.21

CLIFTON APPROVES ZONING FOR ‘LIMITED’ RETAIL AT ON3 CAMPUS
Ralph Lauren Corp., Modern Meadow, Y-mAbs Therapeutics Inc. and Seton Hall University’s Graduate College of Nursing and School of Health and Medical Sciences. Prism, which is based
at ON3, expects that more than 5,500 people will be employed on the campus by the end of this year, while the ongoing redevelopment also is creating hundreds of construction jobs.
REALESTATENJTM 37 ON3 is also home to the Hackensack
Meridian Health School of Medicine, which has preleased a planned 80,000-square-foot medical office building at the site, as well as
the health system’s Center for Discovery and Innovation. The newest uses at the site will benefit from the property’s existing campus infrastructure, including its central utility plant with a 10-meagwatt cogeneration facility.
Prism Capital Partners has secured another key entitlement for its ON3 campus, allowing it to bring uses such as restaurants and small shops to the Clifton portion of the property.
The developer said the zoning, which local officials approved recently, allows for limited retail uses at the 116-acre redevelopment project. It represents another important step toward repurposing the former Hoffmann-LaRoche research campus, which straddles Clifton and Nutley, into a walkable, mixed-used destination.
“Clifton’s decision allows us to move forward with a redevelopment plan that provides critical complementary
uses to support
the office, R&D
and academic
tenants at ON3,”
said Prism’s
Eugene Diaz,
a principal
partner with
the firm.
“Redevelopment is supposed to assess market opportunities, and then plan and develop uses to enhance and revitalize an area. Clifton city officials continue to demonstrate that they understand
this, and we applaud them for doing what is necessary to help attract best-in-class organizations and provide them with an unparalleled campus experience.”
Prism said the approval paves the way for uses such as restaurants, small shops, a neighborhood
market and other services aimed at supporting existing ON3 businesses, their employees and area residents. And it came just weeks after Clifton officials granted final site plan approval for a 266-room, dual-brand Marriott AC/Element Hotel near the campus’ main entrance at Route 3, marking its first hospitality project.
According to the developer, plans for the seven-story structure include a rooftop bar and both limited- service and extended-stay options.
The developer acquired the sprawling redevelopment site in fall 2016, in a deal that came roughly three years after Roche announced it would cease operations there. It has since focused on bringing new users to the property with new ground-up development and with leases that have helped backfill its existing office and life sciences space.
The deals have involved users such as Eisai Inc., Quest Diagnostics,
Prism Capital Partners recently secured zoning for limited retail uses in the Clifton portion of its 116- acre ON3 campus, including restaurants, small shops, a neighborhood market and other services.
Eugene Diaz
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DEVELOPER PLANS 1.5 MILLION SQ. FT. LOGISTICS PARK IN BURLINGTON
A developer has closed on more than 70 acres in Burlington County, paving the way for as much as 1.5 million square feet of new industrial space along Route 130.
The Chicago-based firm, Logistics Property Co. LLC, detailed plans recently for what it calls the
Box Park Logistics Center after acquiring the site on Taylors Lane in Cinnaminson. In doing so, it will look to tap into the still-growing submarket off Exit 5 of the New Jersey Turnpike.
The 72.35-acre property is just north of Route 130.
“This is a trophy project in one
of the strongest markets in the country,” said Mark Glagola, senior vice president and Northeast market leader for Logistics Property Co. “I couldn’t be prouder of our team’s coordinated effort getting this
stellar deal across the line.”
In a news release, the firm said the planned logistics campus will house between 1.2 million and 1.5 million square feet, with up to six acres of parking. The developer touted its access to interstates 95 and 295,
the Turnpike and major population centers throughout the Northeast that are reachable in a day or less.
LPC has tapped Cushman & Wakefield as its leasing agent at the site.
“We’re thrilled to be working
with the LPC team to market this exciting development,” said John Gartland, a managing director at C&W. “With flexibility of design, an abundance of both trailer and car parking, and the ability to build up to 1.5 million square feet, Box Park Logistics Center promises to be a premier logistics location.” RE
Courtesy: Prism Capital Partners