Page 17 - RE-NJ

doubled their space. Others that renewed leases include Reproductive Science Center, New Jersey
Neck and Back Institute, Mercer Children’s Dentistry and New Jersey Infrastructure Bank.
“I think the ability to repurpose and reinvent an asset was what really was interesting to take on the assignment, and right from the get-go Reynolds showed the initiative to be flexible”
Robert Loderstedt
which is handling office and medical leasing for CANVAS. He said the
three buildings are over 90 percent occupied, with several tenants signing longer leases.
Loderstedt said Reynolds offers good customer service, “and that’s really important in retaining your tenants in today’s environment. Plus they did a tremendous job on the renovation.”
The other piece of the planning
was working with the town, which approved the redevelopment late
last year. Reynolds said his team had conversations with the township council over 18 months about how
to improve the property. Officials asked for retail and for a structure that wasn’t visually imposing from the street.
The solution was two new buildings along Princeton Pike connected across the top by a covered promenade, with first-floor retail and apartments above. Restaurants with outdoor seating
will sit in the middle. Reynolds said his team has spoken to retailers and restaurants, but nothing has been signed yet.
CANVAS, which has Collingswood- based Thriven Design as its architect, is also expected to include a clubhouse, coworking space, a fitness center, electric vehicle charging stations and other amenities.
“There was a lot of compromise,” Reynolds said. “I think we struck a really nice balance between what the town wants and something that’s economically viable.”
Officials have also vocalized their support as the plan has come together.
“This redevelopment project meets the very essence and purpose of the NJ Local Redevelopment and Housing Law,” said Kevin Nerwinski, Lawrence Township manager, in a December statement. “The project will eliminate old, underperforming and unoccupied office buildings and replace them with new and beautiful residential rental opportunities meeting critical housing needs for those seeking to stay or become a new member of the community.
“The commercial use portion of the project will bring a retail element to an area of our community that is presently nonexistent. It expands our business community and enhances the options for those who live and work here. It is a win-win for Lawrence Township in the most classic sense.”
According to Reynolds, demolition and site work will begin between November and February 2025 and the project will take about 18 months to finish.
As for the shopping and dining space, Loederstedt said there aren’t many amenities in the area now and he thinks tenants and customers are “starving for new development, especially the retail aspect.”
Reynolds, meantime, said the apartments will be one- to three- bedroom units with 15 percent affordable housing.
“I think we’re going to attract a lot
of empty-nesters, people that are in
a big home now and don’t need all that space ... and a lot of fresh-out-of- college, first job sort of students.” He’s planning to install an artist’s canvas
in the center of the lobby and project artwork throughout the property: “Lifestyle with an art infrastructure, if you will.”
Reynolds, an art collector, draws
on that passion with his properties. For instance, the Mural in Orange features a large mural in the lobby and photographs of how the property
looked before its reinvention.
He said the firm has been looking for office parks to create projects like CANVAS.
“I personally believe this is how office will look in the future.” RE
Marlaina Cockcroft is a freelance writer based in New Jersey.
and worked
to make sure they got the best outcome, said Robert Loderstedt, a senior managing director with Newmark in East Brunswick,
Plans for CANVAS, a new mixed-use project at the site of the Princeton Pike Office Park at 3131 Princeton Pike in Lawrence Township, include 204 residential units and 17,000 square feet of community-centric retail space.
TM 15
Rendering by Thriven Design/Courtesy: Reynolds Asset Management
SUMMIT HEALTH, Florham Park, NJ
Architecture + Interiors + Workplace Strategy + Planning + Placemaking | rb-arch.com