Archive for the ‘Real Estate Development’ Category

If you’re a Trenton watcher and haven’t been living in a cave, then you’ve noticed our shiny new $60M train station. The Trenton train station is unique along the Northeast corridor in that not only is it the 6th busiest station but it has both Amtrak, NJ Transit, NJ Light Rail and Septa carriage.

Every day hundreds of people from mainly outside Trenton travel through our station. They typically spend as little time in Trenton as possible.

The city is proposing to change that.

It is leveraging a generous state tax incentive to encourage commercial development around urban NJ’s train stations. I have to say, I’m for the tax incentive. The state and federal government have spent $Billions over the year building roads to increase sprawl, it’s good to finally put some balance in the equation.

With the incentive behind it, the city has courted three developers to build three seperate large projects immediately adjacent to the station. I think this is great and can’t see any downside. I even support demolishing the historic-ish building on the north side of Greenwood Ave. to make way for the building.

However,there are two big questions that come to mind as I review the current version of the city’s development plan for the area and come away from tonight’s (6/25) public meeting on the subject. Read the rest of this entry »

When you get right down to it, the only thing that really counts as re-development is money being spent to improve a property for an economic purpose.

That’s it.

Building a new museum, cleaning the streets and writing a new master plan simply don’t count. They don’t produce direct economic benefit. Often times they DO lead to new economic development because a developer prefers to invest on clean streets next to spiffy new art museums.

With this in mind I found it interesting to compare and contrast two “re-development” articles in today’s Trenton Times (June 18, 2008).

The first article, in the business section, announces that a new supermarket, Food Bazaar, is coming to Ron Berman’s Roebling Market. This is big news!. Whether or not Trenton is actually underserved by grocery stores would take some analysis to figure out, but there is no doubt that adding a large store like Food Bazaar will add variety and competition to the market. We can only assume that Food Bazaar’s management is sophisticated enough to have evaluated both the opportunity and competition in Trenton and the surrounding area. Read the rest of this entry »