EWING TWP., NJ-An Opus joint venture will build Princeton South Corporate Center on a newly purchased 102-acre parcel here. The mixed-use development will have 720,000-sf of office space in six buildings, a 150-key hotel, and pad sites for two restaurants and a freestanding bank.
The 102 acres, at the southwest corner of I-95 and Pennington Rd. (Route 31), was purchased from New York City-based Bloomberg Financial for an undisclosed price on May 3. Opus has been planning the complex for the past six months. "We were made aware of the site in January," says C. Craig Guers, senior vice president and general manager of Opus East, tells GlobeSt. The JV combines Opus East LLC and Opus Development Partners, Minnetonka, MN.
The site plan for the acreage, subject to Ewing's municipal approval, would have the first of the six offices, the 120,000-sf, four-story class A Prince South Corporate Center I – break ground in October, on spec. Bloomberg Financial had approval for up to one million sf of commercial space on the land before the sale.
The Opus plan adds up to just under one million sf when the 740,000 sf of office space is added to the hotel and retail space. "Considering those approvals, we anticipate our scaled-back vision for the site will be very acceptable to Ewing Township, and we can move forward will construction of the first building this fall." says Guers. "That would make it possible to deliver that space to the Trenton/Princeton market in the summer of 2008."
The price for the first building's construction is $22 million, or $180 per sf, Guers estimates. A twin 120,000-sf building would be built in response to market demand. The other offices will be two 90,000-sf, three-story buildings and two 160,000-sf four-story buildings, which will be geared to serve single large users.
Opus has two large build-to-suit tenants in discussions for space, each looking for around 100,000 sf. Guers estimates one building delivering each year after the initial construction, for a total buildout time between four and five year, depending on how the build-to-suits fall. Princeton South Corporate Center I is being designed by Opus Development in-house staff in Minnetonka, says Bill Walters, development director for the project. Senior construction project manager Geoffrey Kase will have site responsibilities for Princeton South.
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