FEATURE ARTICLE, DECEMBER 2004

LOOKING AHEAD AT 2005 DEVELOPMENTS
Compiled by Kevin Jeselnik

BRIDGEPORT PLAZA Susquehanna Real Estate Development Company Wormleysburg, Pennsylvania Susquehanna Real Estate Development Company of Wormleysburg, Pennsylvania, is developing Bridgeport Plaza on the waterfront of the Susquehanna River in Wormleysburg. Directly across from the state capitol of Harrisburg, the mixed-use project will offer Class A office space as well as upscale retail, restaurants and residences. A marina and more than 1,250 parking spaces will also be included. The project will span 205,000 square feet of state-of-the-art environmentally sound space. The development is unique to the area in part because of the limited amount of developable land along the Harrisburg waterfront and present lack of similar properties. Bridgeport Plaza, Susquehanna Real Estate Development’s 205,000-square-foot office and retail development on the banks of the Susquehanna River, will be complete in the spring of 2006. According the Joseph Catalano, president and CEO of Susquehanna Real Estate Development, Bridgeport Plaza’s retail component is expected to attract mid- to high-income, college-educated consumers from as far as 60 miles away. Catalano has owned the land on which the project is being developed for 30 years, operating two restaurants on the site, and he knows the draw such a dynamic development of this nature will have. It will offer destination shopping and dining to a region that is vastly underserved and will provide a sizeable boost to the area’s economy. The design from lead architect Joseph Botchie, president of Ganflec Architects & Engineers of Camp Hill, Pennsylvania, is meant to mirror the contour of the environment that surrounds the project. The building’s contemporary, glass-walled exterior will reflect the natural ebb and flow of the Susquehanna River. The unique design of the complex dictates that the office and retail elements will exist together under the same roof, creating a diverse mix of tenants within the building. Dillsburg, Pennsylvania-based Lobar and Associates Inc. is the general contractor.

6.7 MILLION-SQUARE-FOOT INDUSTRIAL PORTFOLIO Rockefeller Group Development Corporation Cranbury, Bordentown and Freehold, New Jersey New Jersey has long facilitated a booming industrial market throughout the state. Recently, a corridor along the New Jersey Turnpike in Central New Jersey has become one of the state’s most attractive industrial marketplaces. According to Gene Preston, senior vice president with New York City-based Rockefeller Group Development Corporation, “This area is recognized as a major transportation corridor. This fact contributes to the area’s excellent reputation as a research and development hub and is key to Rockefeller’s development initiative.” That initiative involves the development of 6.7 million square feet of industrial and warehouse space along a stretch of the New Jersey Turnpike between exits 7 and 8A by the end of 2005. Two major factors contributed to Rockefeller’s selecting the area for the expansive development project, says Preston. “Because of the agricultural nature of the area, large amounts of land were zoned and available for commercial development. Also, location was key; the New Jersey Turnpike (Interstate 95) is the primary link in an important highway network which connects many cities and markets along the eastern seaboard.” The company has established the Rockefeller Group Foreign Trade Zone in Cranbury Township, Middlesex County, along Exit 8A. The Foreign Trade Zone, an area which is designated as being outside the United States for customs purposes, offers a deference of duties for companies engaged in importing products such as cars, chemicals, electronics and pharmaceuticals. One building under construction and available for lease within the Free Trade Zone is 71 Station Road in Cranbury. The building will total 427,642 square feet on 36 acres. It will feature 80 dock doors, up to 162 parking spaces, 32-foot ceiling heights and a 450-foot warehouse depth. Also in Cranbury, TIAA-CREF has signed an agreement to purchase a 232,886-square-foot facility currently under construction with completion scheduled for April 2005. The TIAA-CREF building is located on 25 acres at 260 Prospect Plains Road. Just off Exit 7 in Bordentown, Rockefeller has acquired a 1 million-square-foot, build-to-suit development site within the Central Crossings Business Park. The pad site can accommodate up to 176 loading docks, 460 trailer parking spaces and as many as 417 parking spaces for cars.

VALLEY SQUARE Metro Development Company Bucks County, Pennsylvania Through perseverance and confidence, Philadelphia-based Metro Development Company has begun development of a unique and expansive mixed-use community in Warrington Township in Bucks County, Pennsylvania. Valley Square is currently under construction at routes 611 and 132, just 30 miles north of Philadelphia. Metro Development first proposed the project in 1999 and just recently received approval from Warrington Township to commence development. The 140-acre mixed-use development will include retail, office and age-restricted residential condominiums. The retail component will combine 500,000 square feet of big box, lifestyle and upscale retail, and a 130,000-square-foot Wegmans Superstore. Approximately 100,000 square feet of office space will be built as well as 200 condominium units for individuals 55 years of age or older. Yet the main draw remains the retail, which will fill a large void in Bucks County. Metro Development Co. is constructing Valley Square in Bucks County, Pennsylvania. The expansive development includes a 500,000-square-foot power center, a lifestyle center, 100,000 square feet of office space and 200 age-restricted condominium units. According to Greg Bianchi, vice president of U.S. Realty Associates Inc., the leasing arm of Metro Development, Valley Square will deliver high-end retail to an affluent, but underserved, market. The average annual income within a 7-mile radius of Valley Square is more than $80,000. Bianchi expects the development to draw a strong consumer base from 10 miles out in Bucks and neighboring Montgomery County. The project is 95 percent pre-leased, further illustrating the strong demand for retail in the area, especially a lifestyle center. “We have identified a void in this prospering part of Bucks County. Lifestyle retailers are responding enthusiastically to this project,” says Bianchi. The hybrid center will feature a strong mix of tenants. Lifestyle retailers committed include Ann Taylor Loft, Chico’s, Christopher Banks, and Bubbles Salon and Spa. Tenants signed at the power center include big boxes such as Staples, Michaels, The Sports Authority and Circuit City, as well as PNC Bank, Sleepy’s, and Hair Cuttery. A number of dining destinations will also open in the center, including Quiznos Sub, Randazzo’s Pizza, Qdoba Mexican Grill, Cold Stone Creamery and Starbucks Coffee. The project broke ground in September, with the first section — the Wegmans Superstore — expected to be complete in the first quarter of 2006. Polatnick Zacharjasz Architects designed the shopping center and Torypete Management Inc. of Conshohocken, Pennsylvania, is the general contractor. U.S. Realty Associates will handle day-to-day management of the project and share co-leasing responsibilities with Madison Marquette of Minneapolis. The project is the largest in Metro Development’s history, and, according to Bianchi, the first true mixed-use commercial-residential-retail development in the greater Philadelphia area.

THE LANDINGS AT HARBORSIDE Westminster Communities Perth Amboy, New Jersey Westminster Communities, the development arm of Kushner Companies, along with Landings at HarborSide LLC, is developing The Landings at HarborSide, a $600 million redevelopment in Perth Amboy, New Jersey. The project, spanning 49 acres along the city’s waterfront, is part of a comprehensive 8-year plan that will incorporate residential and retail development, recreation, parks, a marina, and a future hotel site. Once a vital industrial and manufacturing hub, Perth Amboy’s entire waterfront is undergoing a renaissance, and Westminster’s development is at the heart of it. The Landings at HarborSide is a 49-acre, mixed-use office, residential and retail project under development by Westminster Communities on the waterfront in Perth Amboy, New Jersey. The master-planned community will encompass all the elements of urban revitalization, combining the openness of the suburbs with the feel of a close-knit community and all the conveniences of city living to create a dynamic mixed-use neighborhood. “As the developer, our goal for this master-planned lifestyle community is to transform Perth Amboy’s waterfront into a spectacular neighborhood epitomizing New Urbanism,” says Jeffrey Freireich, vice chairman and managing partner of Kushner Companies and Westminster Communities. “The redevelopment plan is designed to address five key needs in the city: retaining and attracting middle- and upper income residents, waterfront access and recreation, complementary residential and retail development, infrastructure improvements, and significant tax abatement.” The master plan, designed by The Liebman Melting Partnership of New York City, calls for the development of approximately 2,100 residential townhomes and mid-rise condominium units, up to 150,000 square feet of retail and a 30-foot wide, landscaped esplanade lining the project’s 2,800-foot waterfront property. Other components include a community center, outdoor public recreation facilities, dedicated residential and public parking, a marina, and access to a high-speed ferry service to Manhattan. The retail component will include an international market, multiple restaurants and specialty shops. Phase I of the residential component, which will include 462 homes in five residential complexes, is already underway with the construction of The Admiral condominium towers. Occupancy for The Admiral, a 78-unit development that sold out within weeks of becoming available, is slated for fall 2005. The second complex to be built will be the 86-unit Bay View condominium and townhouse community. The third property to be developed will be the Catalina. According to Freireich, the first neighborhoods will have retail and restaurants interspersed throughout. “We expect The Landings at HarborSide to be a point of destination. Located midway between Manhattan and the New Jersey shore, The Landings at HarborSide is attracting buyers from throughout the metropolitan area,” notes Freireich. “Its easy access to workplaces, shopping, New York City, the New Jersey Turnpike, and Newark International Airport make it ideal for commuters.”

CIRA CENTRE Brandywine Realty Trust Philadelphia A landmark new building is rising at 2929 Arch Street in Philadelphia’s University City district. Cira Centre will redefine the city’s urban core. Development is underway on Brandywine Realty Trust’s 727,000-square-foot office tower. The 28-story, Cesar Pelli-designed structure will offer 690,010 square feet of Class A office space upon completion, as well as 37,706 square feet of retail and conference space. The Plymouth Meeting, Pennsylvania-based REIT has already completed leasing on more than 65 percent of the property, with world-class tenants signed, including Attalus Capital; SCA North America; BlackRock Financial Management, and the law firms Dechert LLP and Woodcock Washburn LLP. Brandywine Realty Trust’s Cira Centre in the University District of Philadelphia is expected to open for occupancyin the fourth quarter of 2005. Cira Centre is strategically located at the heart of Philadelphia’s major transportation center. “Cira Centre’s location at a regional transportation hub positions it as an important link in a significant growth corridor in Philadelphia,” says Gerard Sweeney, president and CEO of Brandywine. Amtrak’s 30th Street Station is the second busiest train station in the country, serving 3.8 million Amtrak passengers and more than 2.5 million regional commuters on the regional rail system each year. In addition to the rail systems, Cira Centre is centrally located near the regional subway, trolley and bus systems, New Jersey Transit, plus it offers convenient vehicular access to Interstates 76 and 676. The building’s design incorporates a 360-degree panoramic view of the cityscape, 9-foot ceilings, a 100 percent air purge system and 14 high-speed elevators in a three-bank configuration for efficient response time. The office tower has complete redundancy in high-tension electric and communications with direct access to the major Northeast fiber optic corridor. Turner Construction Company is serving as general contractor for the building, which will offer a number of amenities including an on-site health club and multiple restaurants, along with a direct connection into the retail complex at the 30th Street Station. Construction is on schedule with the project’s completion expected to come in the fourth quarter of 2005.

©2004 France Publications, Inc. Duplication or reproduction of this article not permitted without authorization from France Publications, Inc. For information on reprints of this article contact Barbara Sherer at (630) 554-6054.