Click to expand
 Tenants
CLOSE

Rowan Boulevard Adds $74M Development

One of the largest projects in the ongoing development of Rowan Boulevard in Glassboro, N.J., has been completed, rounding out a large segment of the revitalization of this South Jersey community.

The $74 million development called 220 Rowan Blvd. also links Rowan University to Glassboro’s downtown, which was one of the goals of the overall Rowan Boulevard plan.

The development totals 316,000 square feet and includes: 57 market rate apartments; 119 apartments that will cater to Rowan University students; 20,000 square feet of retail space and a 27,000-square-foot urgent care medical facility operated by Inspira.

The project was built by Nexus Properties of Lawrenceville, N.J. Nexus Properties qualified for $22.5 million in tax credits over 10 years, about one third of the overall value, for the project.

Rowan Boulevard is the largest municipal renewal project in the works in New Jersey and at build out will total more than $300 million of investment. Like many projects on this scale, progress has been slow but steady.

The idea for Rowan Boulevard began in 2008 with a vision unveiled by the borough and Rowan University officials to create a vibrant, mixed-use development that connected the university with the rest of the town. After a couple of years, Glassboro bought 90 properties and assembled them for a 26-acre tract where Rowan Boulevard is taking shape.

A partnership between Rowan and Glassboro was formed to envision what was needed.

It was determined a mix of uses would work best, including student housing, retail that catered to the community as well as students, restaurants, open gathering spaces, a book store, hotel, and market rate and senior housing. The housing mix brings multi-generational residents to the community, and in turn different buying power and cycles to keep the retail scene vibrant.

For Rowan University, Rowan Boulevard fills in some of the missing elements the school sought as a way to attract students, retain top faculty and have a positive impact on the community.

Reposted From: http://www.bizjournals.com/philadelphia/blog/real-estate/2015/08/rowan-boulevard-adds-74m-development.html