Developers New Brunswick Development Corporation (DEVCO) and Pennrose Properties Accept Award in Transit-Oriented Development Partnership Category
NEW BRUNSWICK, NJ, July 25, 2012 – Gateway Transit Village, the new mixed-use development located immediately adjacent to the NJ Transit Train Station in downtown New Brunswick, has been honored with a 2012 Smart Growth Award from New Jersey Future, the Trenton-based, non-profit smart-growth research and advocacy group.
The 23-story development, which includes parking, retail and commercial space and a 192-unit residential component called The Vue, was voted best in the state in the Transit-Oriented Development Partnership category. The prestigious award was presented to the New Brunswick Development Corporation (DEVCO) and Pennrose Properties, the public/private partnership behind Gateway Transit Village, in conjunction with the New Brunswick Parking Authority and New Jersey Economic Development Authority, at the New Jersey Future’s annual Smart Growth Awards ceremony held recently at the Newark Club.
Gateway Transit Village was one of eight projects and individuals honored in various categories for their impact on creating responsible housing and healthy living environments through smart growth and redevelopment.
“We’re delighted that Gateway Transit Village was recognized as a prime example of responsible development, thanks in large part to its proximity to mass transportation which significantly limits dependence on cars and reduces the impact on the environment,” notes Christopher J. Paladino, President of DEVCO.
“The successful realization of this project is a credit to the diligent work, vision, collaboration and commitment to excellence of a public/private partnership working together to create a mixed-use destination that is for the good of the community at large. Without the desire of local government and community groups to establish working relationships with private companies, a project like Gateway Transit Village would never be possible.”
The vision of Gateway Transit Village can be traced back to 2009 when Rutgers University expressed a desire for a new centralized University Bookstore, and DEVCO reassessed the City’s need for more residential units and mixed-use development near mass transit. Gateway Transit Village emerged as the solution. In spite of the down economy and escalating construction costs, the partnership was able to leverage financial resources, clout and experience to make Gateway Transit Village a reality.
While initially part of a redevelopment initiative focused on housing, retail, parking and better access to mass transportation, Gateway Transit Village is significantly contributing to the lifestyle renaissance taking place in New Brunswick.
In addition to the 150 luxury rental residences and 42 Penthouse condominiums located on the upper floors, the building also features 57,000 square-feet of retail space in its first two stories, including a full-scale Barnes & Noble book store that will also serve as the Rutgers University Book Store, a Brother Jimmy’s BBQ restaurant, and a Starbucks. The book store and restaurant are expected to open in the summer/fall. There’s also 55,000 square feet of commercial office space located on floors three through seven, and a 657-space parking garage. Additional commercial space already secured at the building include offices for the New Brunswick Parking Authority, while Wellness Plaza, which will include The Fresh Grocer, the first full-service supermarket in New Brunswick in more than a generation, is currently under construction across the street and slated to open in November, 2012.
“The appeal of Gateway Transit Village and its contribution to the area are part of a much larger success story taking place in New Brunswick,” notes Tim Henkel, Senior Vice President of Pennrose Properties. “There’s so much potential here being tapped into which is resulting in significant community-wide improvements. From new residential options to retail, commercial, hospitality, transportation and more, every aspect of a dynamic downtown urban lifestyle is being addressed which has made New Brunswick one of the state’s most exciting places to live, work and visit.”
Designed by Manhattan-based Meltzer/Mandl Architects, PC, Gateway Transit Village is directly connected to the westbound train platform of the Northeast Corridor Line at the New Brunswick Train station by a recently completed landscaped pedestrian walkway. To keep the area active and vibrant, the building also offers public enhancements like community gathering spaces within the Barnes & Noble, a large iconic clock spelling out R-U-T-G-E-R-S adorning the main façade of the building and a park-like elevated promenade adjacent to the building. The walkway is large enough for public gatherings and also offers direct and convenient access to mass transit for the 20,000 local residents who live within a half mile of the new building.
The Vue, the residential component of the project, has also been well-received by the public, with more than 40% of the upscale Penthouse condominiums sold and over 75% of the luxury rental residences already leased.
One- and two-bedroom condominium homes at The Vue range in size from 773 to 1,216 square feet of living space and are currently priced from $320,000. The Vue also offers a mix of one- and two-bedroom rental homes with myriad upscale features. Monthly rents for these residences start at $2,145.
“Resort-like amenities include an attended, custom designed lobby; fully-equipped fitness center and residents-only lounge featuring a billiards table, flat screen televisions, WiFi business bar and a catering kitchen and conference room,” notes Jacqueline Urgo, President of The Marketing Directors, Inc., the building’s exclusive sales, leasing and marketing agent. “The Vue has also partnered with Verizon’s Virtual Concierge service to provide residents with additional services such as dining and building event reservations, and the ability to manage local venders (i.e. dry cleaner, florist, housekeeping service, etc.) remotely.
For additional information on The Vue, please call 732-828-0111 or visit www.TheVueNJ.com. The building is located at 110 Somerset Street, New Brunswick, NJ. The onsite sales and leasing office is open Monday thru Friday from 10:00am to 6:00pm and Saturday and Sunday from 11:00am to 6:00pm. Furnished model residences are available for viewing.