2012 NJ Future Redevelopment Forum

The Effect of Millennials and Baby Boomers on Urban Redevelopment

March 9, 2012

NEW BRUNSWICK DEVELOPMENT CORPORATION

“DEVCO”

Not For Profit Development Company

35 Years Experience in Urban Redevelopment with $1.6 billion in public and private investment

Completed redevelopment projects in New Brunswick and throughout the State

BARBELL EFFECT?

KEY FACTORS IN URBAN REDEVELOPMENTKEY FACTORS IN URBAN REDEVELOPMENT

Develop a Vision Identify opportunities and develop a vision of

how they will fit together

Capitalize on Local Strengths Understanding the existing infrastructure and

key participants

Understand Marketplace Know the evolving requirements from

developers, lenders and end users

Identify Sources of Capital

CONVERGENCE OF NEW MILLENIALS AND EMPTY NESTERS

ON URBAN REDEVELOPMENT

CONVERGENCE OF NEW MILLENIALS AND EMPTY NESTERS

ON URBAN REDEVELOPMENT

• Where they want to live

• What they like to do

• Where they want to work

• Where they want to live

• What they like to do

• Where they want to work

Central Location – Walkable

Near Transportation

Close to Amenities – Restaurants, Retail, Services

Consolidation of Space – Minimize maintenance

Greater importance of common amenities over individual space

Single level – No stairs

WHERE THEY WANT TO LIVE

GATEWAY TRANSIT VILLAGE

630,000 sf Mixed Use Development

• 150 Apartments• 42 Condominiums• 58,000 sf Office • 57,000 sf Retail• 650 car Garage

GATEWAY TRANSIT VILLAGE

TRANSIT VILLAGE - THE RESIDENCES AT THE VUE

TRANSIT VILLAGE - THE RESIDENCES AT THE VUE

TRANSIT VILLAGE - THE RESIDENCES AT THE VUE

TRANSIT VILLAGE - THE RESIDENCES AT THE VUE

RESIDENTIAL FINANCING First Position Mortgage Urban Transit Hub Tax Credits (UTHTC) Bridge Financing for the UTHTC New Market Tax Credits Equity

GATEWAY TRANSIT VILLAGE FINANCINGGATEWAY TRANSIT VILLAGE FINANCING

PARKING AUTHORITY FINANCING Build America Bonds Recovery Zone ED Bonds (Super BAB’s)

RUTGERS UNIVERSITY FINANCING Notes General Obligation Bonds

Restaurants & Retail – Convenience & Destination

Supermarket / Grocery

Services – Healthcare, Bank

Institutional – University

Cultural – Theaters

WHAT THEY LIKE TO DO

GATEWAY TRANSIT VILLAGE

• 45,000 sf. Barnes & Noble Bookstore

• Brother Jimmie’s BBQ

• Café, Taxi, Additional Retail

BARNES & NOBLE RUTGERS UNIVERSITY BOOKSTORE

CONNECTION TO NJ TRANSIT TRAIN STATION

WELLNESS PLAZA

600,000 sf Mixed Use Development

• 50,000 sf Supermarket

• 62,000 sf Fitness & Wellness Center

• 1,275 car Garage

WELLNESS PLAZA – FRESH GROCER

WELLNESS PLAZA – FRESH GROCER

WELLNESS PLAZA – FRESH GROCER

WELLNESS PLAZA - RWJ FITNESS & WELLNESS CENTER

WELLNESS PLAZA - RWJ FITNESS & WELLNESS CENTER

WELLNESS PLAZA - RWJ FITNESS & WELLNESS CENTER

WELLNESS PLAZA – NBPA PARKING

PARKING AUTHORITY FINANCING Build America Bonds Recovery Zone ED Bonds (Super BAB’s) Recovery Zone Facility Bonds Urban Transit Hub Tax Credits (UTHTC) New Market Tax Credits Middlesex County Open Space Grant

WELLNESS PLAZA FINANCINGWELLNESS PLAZA FINANCING

Central Location

Near Transportation

Close to Amenities – Restaurants, Retail, Services

Incentives to Relocate

Near where their next generation of employees want to live and work

WHERE THEY WANT TO WORK

FERREN MALL REDEVELOPMENT

FERREN MALL REDEVELOPMENT