Thus far, six RFPs to redevelop the 104-acre site--located with the Meadowlands Sports Complex--have been received by the NJSEA. The proposals will be on display for two weeks for public viewing at the Bergen County seat and they will also be "circulating" throughout the towns in the region, Zoffinger noted.

The redevelopment is expected to be completed by mid-2005. In the meantime, Zoffinger said he would not forget about the other seven sporting/gaming facilities controlled by his agency.

At some point in 2003, he expects the NJSEA to debate whether 'Off Track Betting', phone betting, video lottery terminals and slot machines will be profitable ventures for the state.

Following Zoffinger's speech, Real Estate New Jersey Editor Eric Peterson moderated a Townhall panel, during which time a group of esteemed real estate professionals confessed that the state's office sector won't improve until corporate malfeasance issues are addressed and the business community regains the public's trust.

Mack-Cali Realty CEO Mitchell Hersh said: "We are going to go through a difficult time that will probably last until there's a turnaround in the 'psychology of the business community.'"

"Obviously we continue to face some significant challenges in the real estate business in New Jersey," added Christopher Kinum, senior managing director, branch manager of Cushman & Wakefield of New Jersey Inc. "There is a tremendous amount of sublease space on the market and office vacancy rates are approaching 20%.

"In the past year, we [the public] have been told three times that the recession is over," he said. "We can't keep making these statements to consumers."

On a positive note, Hersh claimed that the New Jersey marketplace is stronger than most markets throughout the nation. "We have the largest macroeconomic base in the Northeast and can draw from a lot of different industries and submarkets," he continued, adding that the Garden State's solid labor pool will bolster an eventual recovery.

"I have lived through these cyclical times for 28 years, personally," Hersh said. "And this is a different cycle. But we have confidence in the ability of this marketplace to recover."

The RealShare New Jersey Conference marks the second in the Real Estate Media Conference Series. The first event was held Sept. 25 in Dallas at the Westin Galleria. The next conference will take place Oct. 9 at the Roosevelt Hotel in Midtown Manhattan.

For more information, contact Richard Kelley at Real Estate Media, Inc., 212-929-7105, or e-mail [email protected]. Complete program details and online registration are available at www.remediainc.com.