A major New Jersey real estate developer has secured financing for a multifamily development in Hudson County. Industry sources report that Kushner Real Estate, which is based in Bridgewater, has closed a deal that will provide it with the $50.4 million it needs to complete the 200-unit luxury project. The money will come in two installments from People's United Bank and PNC Bank. The first $5.4 million is a pre-development loan, and the remaining $45 million will be made available in the form of a construction loan that must be paid off or refinanced after three years.
More people in the New Jersey and New York area are investing in construction projects based on March 2019 construction start figures. These stats are specific to New York-area construction, which typically extends to parts of the Garden State. This positive news comes after three straight months of declines. The nearly $4 billion in construction starts for March 2019 is a 40% increase from what was reported in March of 2018.
Dairy-themed supermarket retailer Stew Leonard's is entering the New Jersey market, breaking construction on its first location in the state inside the Paramus Park Mall. When completed, the store will include 80,000 square feet of space. The store is known for high-quality products and customer service at its stores in Connecticut and New York, and it has earned a following for its connections to local farmers and for its sale of unique items. The company says that around 80 percent of the store's products are prepared daily inside the shop or brought in fresh on a daily basis.
Modular construction may be a growing trend in the market for new projects in New Jersey and New York. In a modular construction process, a building is constructed away from its final location inside a plant or other controlled facility. It is then assembled on site. While modular construction could present an array of benefits for busy, crowded city locations, it has run into difficulties in the past. Construction delays and other issues have plagued urban modular projects in recent years, including the tower project at Pacific Park in Brooklyn.
A major New Jersey bridge project has reached completion as announced by the Port Authority on Feb. 8. For drivers using the Bayonne Bridge to cross between Bayonne and Staten Island, the road capacity of the bridge will double. The $17 billion project has transformed the two-lane bridge into a four-lane bridge. Each lane is 12 feet in width, and the bridge retains shoulders where damaged or disabled vehicles can pull over in an attempt to alleviate traffic jams, Port Authority officials said.
A collapsed retaining wall is the latest setback for a shopping center development in a New Jersey community that never wanted the project in the first place. The mayor of Parsippany said that the wall had not appeared on the building plan that the town approved. He said the builder, RD Management, would be held responsible for the unauthorized construction and its subsequent collapse during heavy rains.
Monmouth County is considering whether to approve the construction of a solid waste transfer facility. Part of the decision will be impacted by a traffic study near the study's proposed site, but the country board will not consider the study until repairs to a nearby bridge are complete. The waste plant is planned to be built at Randolph Road near the intersection of route 647.
The state of New Jersey has decided to start 2019 with a bang by planning to spend more than $1.1 billion in construction, revitalizing the state's infrastructure. Furthermore, the New Jersey Department of Transportation has more than $500 million issued in construction contracts from the beginning of the year till March. Additionally, the New Jersey Turnpike Authority is issuing new construction contracts, the value of which are in excess of 600$ million. More than two-thirds of that money is going to new projects being designed.
Craft beer enthusiasts in the New Jersey borough of New Providence won't have far to travel to quench their thirst when a new brewery and tasting room opens. Consisting of a husband and wife and their cousin, the team behind the independently owned company plans to present a wide selection of uniquely prepared craft brews. The building, which will include a tasting room, is now under construction on Spring Street.