The $80-million development will feature two parking decks and five structures, including the 10-screen, 1,650-seat, freestanding theater that will anchor the project. The other four-level buildings will have retail on the ground floor and luxury condos on the top three floors. All together there will be 282 units, which will be sold off. Chetty Builders, the developer and owner of the project, will retain the retail, Latina tells GlobeSt.com.
With the anchor on board the firm can now concentrate on attracting tenants for the inline space, he says. Asking rates will vary depending on the use, but can be expected to average $22 per sf triple net.
Retailers are eager to gain a foothold in this market, Latina reports. "Middletown is growing at a rapid pace. The population is expected double in five years and triple in 10." He says the company is currently in negotiations with several national restaurants and high-end boutique retailers.
The entire project should be completed within 12 to 18 months, according to Latina. The site work is just now being completed and construction of the theater shell is expected to begin within 30 days. Latina says he hopes to have that building finished by the end of this summer. Phase one, which includes 75,000 sf of retail and about 140 units, should be completed within 12 months. Promenade at Middletown is situated on 18 acres located off Route 299.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
