WASHINGTON TOWNSHIP, NJ— Atkins Companies and Woodmont Properties have formed a joint venture to develop Washington Square Town Center, a mixed-use redevelopment project approved for 260 luxury rental apartments, 100 town homes, a 40,000 square foot medical office building, 30,000 square feet of retail, 110-unit assisted living facility and 70 affordable rental apartments in Washington Township, Gloucester County.
Over the last eight years, Atkins Companies and Woodmont Properties, joint venture partners, obtained approvals for the development of this new town center, including successfully negotiating a 25-year “payment in lieu of taxes,” or PILOT, tax abatement with the municipality. The partners closed title to the project in April 2017. The two firms are both clients of Mandelbaum Salsburg, a Roseland, NJ-based law firm, which helped organize the joint venture.
The apartment community will also include a clubhouse, including a leasing and management office, state-of-the-art fitness center, pool and sundeck among other amenities. The medical office building component is a class-A building, being joint ventured with Rothman Institute, a large orthopedic practice in Philadelphia and South Jersey with more than 100 doctors and 20 locations. The 40,000-square-foot building will serve as the flagship location for the Rothman Institute in South Jersey. Rothman has already signed a lease to occupy the entire 20,000 square foot second floor of the building for an initial lease term of 20 years.
The retail component of the project will consist of 30,000 square feet in three 10,000-square-foot buildings adjacent to the medical office building. Atkins and Woodmont closed title with an assisted-living developer to construct a 110-unit facility.
Previously, Mandelbaum Salsburg introduced Woodmont Properties to a 300 unit multi-family project in Mount Arlington, New Jersey which is nearing completion. Atkins Companies had owned and secured the approvals for the project and joint ventured it with Woodmont.
WASHINGTON TOWNSHIP, NJ— Atkins Companies and Woodmont Properties have formed a joint venture to develop Washington Square Town Center, a mixed-use redevelopment project approved for 260 luxury rental apartments, 100 town homes, a 40,000 square foot medical office building, 30,000 square feet of retail, 110-unit assisted living facility and 70 affordable rental apartments in Washington Township, Gloucester County.
Over the last eight years, Atkins Companies and Woodmont Properties, joint venture partners, obtained approvals for the development of this new town center, including successfully negotiating a 25-year “payment in lieu of taxes,” or PILOT, tax abatement with the municipality. The partners closed title to the project in April 2017. The two firms are both clients of
The apartment community will also include a clubhouse, including a leasing and management office, state-of-the-art fitness center, pool and sundeck among other amenities. The medical office building component is a class-A building, being joint ventured with Rothman Institute, a large orthopedic practice in Philadelphia and South Jersey with more than 100 doctors and 20 locations. The 40,000-square-foot building will serve as the flagship location for the Rothman Institute in South Jersey. Rothman has already signed a lease to occupy the entire 20,000 square foot second floor of the building for an initial lease term of 20 years.
The retail component of the project will consist of 30,000 square feet in three 10,000-square-foot buildings adjacent to the medical office building. Atkins and Woodmont closed title with an assisted-living developer to construct a 110-unit facility.
Previously,
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
