Those initial plans have been tweaked a bit, with what was to have been a 28-story first phase tower now reduced to 22 floors. But its total space has been bumped up a bit, from the initial 400,000 sf to 430,000 sf. And a hotel that was to have been part of phase one has been removed from the picture, for now.
This first tower will largely be office space, although dining facilities, a rooftop garden, a fitness center, banking and retail space are all part of the mix. The complex will also have more than 750 on-site parking spaces.
Located at 422 Broad St., Liberty Plaza will rise on a redevelopment site of 3.5 acres adjacent to the NJ Transit Broad Street rail station. Long-term plans for the site call for a build-out of more than one million sf of mixed uses. The office availability is being shopped by Cushman & Wakefield, with asking rent listed as "negotiable." Comparable class A space nearby generally commands asking prices in the $25 per sf range.
"We feel that this is a city that has yet to reach its full potential as an office destination," says Richard Tucker, president and CEO of Tucker Development, whose firm recently opened a regional office here to oversee this and other Tucker projects. "We're offering prospective tenants a great value proposition, with more access to modes of transportation than any other city in New Jersey."
The site also comes with some financial incentives, including pre-approval for New Jersey's Urban Transit Hub Tax Credit program, which draws from a pool of $100 million for 10 years for companies bringing in more than 250 employees to this and eight other transit-hub locations in New Jersey. The site is also within this city's state-designated urban enterprise zone, which provides for a variety of economic incentives.
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