(Read more on the multifamily market.)
RAHWAY, NJ-Diversified Communities was picked by local officials in March as designated developer of a new mixed-use town center, and now Diversified has a well-known name as a partner in the project. Diversified, a private Parsippany, NJ-based largely residential developer, has signed a deal with DeBartolo Development LLC to create Rahway Town Center.
“They are venerated for their open-air retail developments, which includes some of the country's largest malls,” says Darryl Gay, Diversified's sales and marketing director, of the Tampa, FL-based DeBartolo Development, a successor to the Youngstown, OH-based DeBartolo Corp. “Their experience in commercial real estate combined with our expertise in residential development will bring a dramatic change to this city's landscape.”
“We were interested in partnering on this project because we choose only the most strategic locations for our retail developments,” says Ed Kobel, president and COO of DeBartolo. “It's situated in the center of everything New Jersey has to offer, and as a result is attracting many young business commuters.”
Plans for the site, which is located just a block from the city's newly renovated commuter rail station and designated as part of the state's transit village program, will be focused on a retail component of between 150,000 and 200,000 sf. Also part of the plans at this point are approximately 300 residential units and a 100-room hotel. The train station itself is rated among the five busiest in New Jersey.
No retail tenants have been named, but the developers say they will put together a roster that will include a supermarket, restaurants and a variety of specialty shops. The current plan is to have Rahway Town Center completed by mid-2009.
Diversified Communities is no stranger to this Union County city, with multiple residential projects completed or planned. Among them are the 86-unit Riverwalk at Rahway, a luxury townhome community fronting the Rahway River. Details of the agreement between Diversified and DeBartolo were not released.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
