Evesham Township Kicks Off Another $30M Redevelopment

Peter Lazaropoulos, a partner in Lazgor LLC, points out a feature of his firm’s Greentree Commons redevelopment plan as Evesham Township Mayor Randy Brown, left, looks on. At rear is Deputy Mayor Ken D’Andrea. (Steve Lubetkin Photo/StateBroadcastNews.com)

EVESHAM TOWNSHIP, NJ— For the second time this year, Evesham Township Mayor Randy Brown expected to stage a demolition photo opportunity as a kickoff for a redevelopment project, but biting winds and bitter cold drove the event indoors at the soon-to-be-leveled Greentree Commons office park between Route 73 and Lincoln Drive in this Burlington County community. Huddled in the development company’s site office, Mayor Brown introduced Peter Lazaropoulos and Henry Gorenstein , principals of Lazgor, the firm that first purchased the Greentree Commons complex in 2003. “The intent was to redevelop the property some day, and bring upscale retail to the area,” says Lazaropoulos. “We’ve been working with the township for the past three years. It has been a great experience. Finally, after this long arduous road, we’ve reached the point where construction has begun, we expect to be in full construction during the entire year, and by the end of the year we should be ready for occupancy.” Demolition has started, and site construction is expected to begin in the next two to three weeks, he says.

Retail development rendering at Greentree Commons, Evesham Twp., NJ

“As a municipal leader, all we can do is put the pieces in place,” says Mayor Brown . “We need investors like Peter and Henry to go ahead and say ‘yes, not only do we want to invest in Marlton, but we want to believe that this is going to be the place to be for decades to come.’” The $30 million retail shopping complex expected to rise on the site by the end of this year will feature a 45,000 square-foot LA Fitness health spa and a second 31,500 square-foot building housing assorted retailers, according to Gorenstein. “When the site was purchased, our long-term goals were to redevelop the site, but 2008 and 2009 hit, that slowed us down a bit,” Gorenstein tells GlobeSt.com exclusively. “These buildings were historically occupied, 75 to 90 percent occupied, so we also had lease term left with a lot of tenants that we had to ride out. The economy started improving and in 2009 we got our initial interest from LA Fitness , but it just wouldn’t work then, there was too much time left on too many leases.” After 2011, Lazgor renewed contacts with LA Fitness, which was still interested in the site. “Once we had a letter of intent, we started approaching other national retailers and were able to lasso additional tenancy,” he says. Among the other tenants who will lease in the complex are AAA, ScottTrade, Corner Bakery, and Middle Eastern restaurant Naf Naf Grill . Susquehanna Bank also has a ground lease for a pad on the site. Gorenstein praised the cooperation from Evesham Township in getting special rehabilitation designation for the site. “This project may not have happened without the full cooperation of Evesham Township’s mayor, council, planning board, everybody down the line to the MUA [Municipal Utilities Authority],” he says. “Everybody’s been very cooperative, and to be able to designate it as a ‘site in need of rehabilitation,’ the five-year tax PILOT [Payment In Lieu Of Taxes], and the flexibility it enables you to negotiate with township council on zoning, impervious coverages, your setbacks, without that, this project may have not been possible.” As previously reported by GlobeSt.com, in January New York-based RD Management began clearing the site of a former K-Mart in the Township for The Shoppes and Residences at Renaissance Center .