Developer Bayville Holdings, a local partnership, this week formally re-opened the building for business, although leasing activity had already been launched in recent weeks. The residential component consists of a combination of one- and two-bedroom units, with 20% set aside for working families with incomes below 50% of the area's median income. The initial commercial tenant is the NJ Public Information Research Group, and Bayville is said to be actively courting a restaurant tenant for its largest retail space.
The building's redevelopment process has been in the making since 2005. "There is a lot of history behind this building," says Bayville Holdings partner George Fakiris. "The building is beautiful."
And the asset, bounded by East State, South Montgomery and South Broad streets in this city's downtown, is also green. "We have spent more than $30 million to make it even more beautiful and sustainable," Fakiris says, adding that energy-efficient lighting fixtures, appliances and HVAC systems are all part of the package.
The Broad Street Bank building was built in stages, beginning with an eight-story structure in 1900. That was followed by a 12-story addition in 1913 and another eight-story addition in 1923. The building went completely vacant when the last retail tenants moved out in the early 1990s.
"When the history is written about downtown Trenton's revitalization, the redevelopment of the Broad Street Bank will be cited as one of the key transformative moments," says Taneshia Nash Laird, executive director of the Trenton Downtown Association, which is marketing the building. "We're pleased to be part of downtown Trenton history in the making."
Mayor Douglas Palmer says in a statement that "it stands as a reminder of the many dimensions of Trenton's historical significance and present-day appeal. This landmark building is one of several key elements in a revitalization effort creating a capital city draw."
As far as its available commercial space, it's currently listed on TDA's website in units of approximately 990 to 4,400 sf. Base asking rent is $18 per sf gross plus tenant utilities and CAM charges of less than $1,000 per year.
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