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Proposal for Roebling Redevelopment
670 South Clinton Avenue Trenton, NJ 08611
Prepared by:
Kleber Palacios
John Caruso
Nick Gareffa
Jamie Malikie-Freda
Matthew Englehardt
2
Table of Contents
1) Executive Summary
a) Objectives
b) General Assumptions
2) Site Overview
a) Explanation of Subject Property
b) History of Subject Property
c) Location Analysis
3) Greater Trenton Summary
a) Trenton 250 Master Plan
4) Trenton Demographics
5) Area Advantages
a) Business Community
6) Our Concept
a) Summary
7) Concept Plan
8) Buildings Overview
i) Building No. 51
ii) Building No. 52
iii) Building No. 54
iv) Building No. 57
v) Building No. 58
vi) Building No. 62
9) Construction
a) Summary
b) Construction Costs
c) Building Construction Costs
d) Site Construction Costs
e) Total Construction
10) Sustainability
11) Potential Funding Sources
3
Executive Summary
Our team's primary objective will explore a proposal for the highest and best use for a mixed-use
redevelopment project located at Roebling Block 2 (Block/Lot: 15704/1 &1.02) 670 South
Clinton Ave., Trenton, New Jersey which is approximately 8 acres. The sites use will potentially
be maximized by using its rich and unique historic buildings, where The Roebling Company
produced key elements to some of the world’s most fascinating bridges. With the goal being to
revitalize Trenton’s community by creating, “Trenton Makes Art”, a Premier Economic and
Cultural Center Build of Arts, Industry, and Education. Block 2 has been out of commission
since 1974, and an analysis of the highest and best use has been executed to determine the most
feasible investment in the current market for the redevelopment of this specific site to occur. Our
team has determined that our redevelopment concept will be an artist focused community in a
combination of mixed-use development featuring 68 apartment units totaling 69,100 SF with
97,780 SF of retail and 25,200 SF of office space which would garner the least risk and greatest
return from the market, and for our investors. The following proposal will be described in more
detail with the specific elements of this mixed-use development project.
Objectives
Enhance the reputation of Trenton
Attract investors
Retain and secure prospective (residential/commercial) tenants
Create positive public awareness
Efficient project development/effective development management
Environmentally sound and sustainable construction
Produce positive cash flows for investors
Serve as a catalyst for surrounding real estate
Preserving the architectural and historic significance of the area
General Assumptions
No environmental issues exist on the site
Assuming land costs will equal $1
All zoning variances will be granted pertaining to site
4
Site Overview
670 South Clinton Ave
Trenton, NJ 08611
Explanation of Subject Property
Roebling site block 2 is laid out over an 8-acre parcel of land that consists of six primary
buildings once used for industrial manufacturing of suspension wires for bridges globally. Block
2 itself is zoned as mixed use, but has four surrounding streets that differ from that. To the north
of block 2 lies Hudson St., which is zoned as residential. This is the same scenario (residential)
for Mott St., which lies to the west of block 2. To the south of block 2 lies S. Clinton Ave. which
also fronts Roebling site block 1 and consists of commercial/retail. To the east of block 2 is a
parking lot used for US Social Security Administration (state) workers.
5
History of Subject Property
Founded in 1849 by John A. Roebling, the designer of the Brooklyn Bridge, the Roebling
Company was internationally known for producing suspension wires used to construct some of
the world’s most infamous bridges such as the Brooklyn Bridge, George Washington Bridge, and
Golden Gate Bridge. In 1974, operations at the 45 acre Trenton facilities (Blocks 1,2,3) ceased
operations, and Block 2 has remained vacant ever since. As for the adjacent Blocks (1 and 3),
Block 1 is a completed project that has been renovated and operating since the late 1990’s, while
Block 3 has started their leasing of the eventual 190 luxury lofts on Block 3 as of the beginning
of this month (3/1/17). Other uses of the once vacant buildings throughout sites 1 and 3 include
commercial/retail strip centers, senior housing, luxury apartments, and public use space.
Location Analysis
The site is located in the Eastern portion of the Roebling Complex Redevelopment Area which
encompasses the site of the former Roebling Company and is in a proposed food and cultural hub
designated location as of the Trenton 250 Redevelopment plan. It’s bordered by a mix of uses
including The Sun National Bank Center which holds up to 10,000 people only a couple blocks
away. The NJ Transit Light Rail River Line, is no more than two blocks away that takes you
straight to the Trenton Transit Center which serves as a hub to three of the main rail lines of NJ
and Bus Center hub as well. The Transit Center is only 0.6
miles away from the property and serviced an average of
1,200 passengers per day in 2016 making it a prime
location to reach various destinations linking Mercer
County, the Greater Delaware Valley Area, Bucks County,
Philadelphia, Camden, Newark, New York City, Boston,
and Washington, D.C.
The property is fairly close as well in proximity to major
highways such as the I-95 NJ Turnpike, I-195, Route 1,
and Route 129. This is a key element in having a variety
of access points to reach our destination from our patrons
and tenants.
6
Greater Trenton Summary
Greater Trenton is an independent 501c-3 nonprofit organization that plans to use private
funding and a network of collaborative relationships to advance economic revitalization efforts
in the state’s capital city. CEO, Founder and Trenton native, George Sowa, brings his successful
30+ years of real estate development experience back to where his family history originated.
Since founding Greater Trenton in 2015, Sowa’s objective is to bring back a positive cultural
reputation to Trenton and expand on what the state capital has to offer.
Trenton 250 Master Plan
The Trenton 250 Master Plan is a comprehensive plan that provides a long-range vision for the
community and a guide for the state capital from now to year 2042, the 250th Anniversary of
City’s incorporation. The Master Plan is a detailed outline for the vision of Trenton, goals for
accomplishing that vision, and various tactics and actions to achieve those goals to revitalize the
true meaning of the slogan, “Trenton Makes-The World Takes”.
7
Trenton Demographics
Trenton New Jersey National
Population 84,459 8,874,374 314,107,084
Median Age 33.5 39.3 37.4
Caucasian 26.6% 69.61% 74.17%
African American 52.0% 13.50% 12.56%
Asian 1.2% 8.37% 4.81%
American Indian 0.7% 0.25% 0.82%
Native Hawaiian .01% 0.03% 0.17%
Mixed Race 4.1% 2.37% 2.68%
Other Race 15.3% 5.88% 4.79%
Hispanic or Latino 33.7% 19.0% 17.60%
Median Home Price $113,100 $319,900 $175,700
Median Rentals $991 $1,188 $920
Renter Occupied
Households
62.0% 35.0% 35.60%
Income per Capita $17,021 $36,359 $28,555
Median Household
Income
$35,647 $72,062 $53,482
Median Income Renter
Occupied
$23,072 $47,106 $36,116
Median Earnings Male $21,756 $47,106 $36,116
Median Earnings
Female
$23,346 $32,292 $25,692
Unemployment Rate 11.40% 10.70% 5.80%
Poverty Level 28.40% 10.70% 15.60%
** All statistics found areavibes.com**
8
Area Advantages
Trenton is a city that has its own distinctive advantages that distinguishes itself from the rest of
American history in its own way through the motto “Trenton Makes, The World Takes”. Trenton
once was an industrial powerhouse for the state of New Jersey, as well as its impact worldwide.
Block 2 of the Roebling sites is an 8-acre site that has a surrounding area that correlates with the
history that once took place in the city. With the majority of these buildings being on the
waterfront, Trenton has many historical sites to offer such as the New Jersey State Museum,
which includes a planetarium, art, and historic exhibits; the Old Barracks Museum, dealing
primarily with the revolutionary war; the 1719 William Trent house, being the oldest house in
Mercer County; and the New Jersey State House, being the 3rd
oldest state house in the country,
while holding offices for the Governor and both chambers of the Senate and General Assembly.
Already Block 2 fronting the avenue of South Clinton, holds the Roebling Market Place a
successful strip center with various tenants. The site has a huge advantage while only being 0.6
miles away from the Trenton Transit Center which gives access to New York City in
approximately an hour and 15 minutes. Also, Philadelphia only being 34 miles away is
accessible from the Trenton Transit Center by a quick train ride. Along with these transportation
surroundings, Trenton also has its own airport, Trenton-Mercer Airport, which is used heavily by
the commercial airliner Frontier. This commercial airline travels to most airports throughout the
entire country.
The site is advantageous and extremely attractive to potential long term tenants because it is
available for a tax abatement, offsetting corporate taxes up to ten years. This is a great way to
attract new growth and incentives to promote business development and local job growth.
Companies that would not have thought about relocating before now will be enticed to due to the
proximity of Mass Transit access to the location which will broaden their accessibility to new
employees.
9
Business Community
To become a place where people want to live, work and shop, Trenton must reshape the image
that many people grasp that is associated with the state capital. With a stable and slowly growing
economy, Trenton could be the next ideal real estate location to be revitalized as per the Trenton
Master Plan by the year 2042. According to the U.S. Census 1- year estimates, Trenton has seen
an increase in most job sectors from 2005 to 2011. Increases came from sectors such as:
education, health care, professional, and social assistance. However, Trenton did see a decline in
several sectors: transportation, warehousing, and retail trade. Trenton is an ideal location,
because it’s at the center of two vastly populated cities, New York City and Philadelphia.
With the location that Trenton has to offer, employers and individuals can benefit with the
relatively low commercial and housing prices, and the proximity to the two major cities. In an
article published by NJ.com, Mayor Eric Jackson stated that the city’s renaissance rests on four
pillars: a decrease in crime, improvements to the public schools, an increase in economic
development, and growth of the arts and culture. And of the four pillars, the city must rely
heavily on economic development to be the foundation of revitalization of Trenton, and the rest,
a domino effect.
10
Our Concept
Our concept is to bring “Trenton Makes Art”, a Premier Economic and Cultural Center Built on
Arts, Industry, and Education into Trenton by preserving the Roebling buildings into many new
opportunities which fit directly with Trenton 250 Master Plan. In the Trenton 250 Master plan,
Block 2 has a proposed redevelopment idea for the zone called the Roebling Center
Redevelopment Plan Zone (RPZ-2). While this location is considered a Priority Investment
Neighborhood where it will be a focal point of main attraction. As stated in the Roebling Center
Redevelopment Plan Zone (RPZ-2), “Redevelopment of the structures and millyards should
bring new residential opportunities, as well as commercial and restaurant offerings, and office
space, bringing jobs to the surrounding neighborhoods and Trenton as a whole.” We will be
doing just that by giving the community a location where we incorporate Chambersburg’s
greatest assets which are location, demographic, and history. Using our Art District concept to
enhance the area’s vibrancy and cultural richness to support neighborhood retail and support
growth of “Home-Grown” Businesses and immigrant entrepreneurs.
First Floor Layout
11
Second Floor Layout
Third Floor Layout
12
Building Overview
Building No. 51
Building No. 51 is one of the seven pre-existing buildings which has been most recently
renovated for office space to be utilized for a prior project that was in place. Our proposal for
this 2-story building is ideally suitable for a museum to acknowledge the step-by-step process
that took place at the John. A. Roebling Wire Works. Through 11,988.76 sq. ft. the museum
would depict the precise operations that took place in the making of the suspension wires. This
idea would inform the use of the 54 acre factories that were the leading producer of wire rope in
the early 1900’s, with 8,000 employees at its peak, inspiring the motto: “Trenton Makes, the
World Takes’.
Building No. 52
At roughly 5,246.70 sq. ft. this
freestanding building will be used to
complement the surrounding
buildings with the purpose of serving
as a common area where visitors may
unwind after visiting the museum or
gallery exhibits. Using this building
as a canopy/open recreational space,
students involved in the Arts Trade
Organization we propose as tenants,
will have a place to congregate with
peers as well as network with other
artists in the industry. This structure
will also be ideal to serve as an area
that can be rented out for private
banquets and parties. Though the
structure will be open 24/7, as
preparations of the winter would
include space heaters as well as a
drop down translucent tarp.
13
Building No. 54 (Commercial Floor, 1st)
The 1st floor of building 54 will be the dominant structure of the redevelopment project, as well
as the main provider of an income stream. Implementing an anchor tenant that will draw
consumers to the building, along with six commercial spaces. These spaces will be rentable
varying from as low as 2,500 to as high as 27,000 square feet.
● We will be proposing a ethnically diverse restaurant at 9,300 Sq. Ft.
● A local café/lounge will include a spacious unit dedicated for “peaceful” and “cozy”
cafe-style lounge at 2,700 sq. ft. that will have a vibrant atmosphere for both residents
and invitees.
● A “fast-casual” style restaurant will be located in the unit in the bottom right corner of the
building adjacent to the coffee shop and art-living lobby entrance. A prospective tenant
for this particular unit would be the chain restaurant Chipotle Mexican Grille, with a
space size of 3,800 square feet.
● 2 Retail spaces will be available for rent, 2,500 and 3,200 sq. ft., which can be built to
suit retail segments including: Home Center/hardware stores, and apparel/hard line
specialty stores (books, clothing, office products, toys, home goods, electronic).
● A large anchor tenant in the available 27,000 sq. ft. space will be well suited for tenant
such as: Walgreens or CVS. The idea for a drugstore in this particular area would be
beneficial to the community while supporting the growth of the neighborhood due to the
demand of incoming population needs.
14
Building No. 54 (Residential Floor, 2nd)
The second floor of building 54 will be dedicated to work-living lofts to incentivize artists by
providing a living space as well as a featuring courtyard along the single-corridor of the second
floor. The concept behind the work-living for art is to inspire the neighborhood to recognize the
arts as an essential to the community through health and vitality. Through these concepts
revitalizing Roebling and bringing the culture back to Chambersburg will build up and serve
individual artists, art organizations, and creative entrepreneurs. The arts will encourage citizens
to participate/get involved with the arts, culture, and creativity and recognize it as an everyday
lifestyle. As per the size of the second floor consisting of 52,154 sq. ft., we propose a plan to
build:
● 33 loft units -
1,100 sq. ft./each
● Courtyard -
~10,000 sq. ft.
The following work-
living lofts will consist
of a ground footage of
750 sq. ft. and a partial
half floor of 350 sq. ft.
for a grand total of 1,100
sq. ft. This allows for
potential artists to work
freely and spaciously in
order to create their
individual unique pieces
of art. As far as rent prices, approximately $1000/month is the set price for the artist plus
commission charged by the land owners which has a monthly minimum sales requirement from
the artwork sold in the Gallery in Building No. 57. We decided to introduce a commission
between 10-20% of the sale price on all artwork sold due to the low rent prices offered to the
artist and a way for the owner to be re-compensated for the low rent price, as well as an incentive
for the artist to be able to sell their work at a much lower rate than most other galleries will
charge that ranges from 30-50%.
15
Building No. 57 (Gallery/Arts Floor, 1st)
Building No. 57 located off Mott Street will consist of two uses on the ground floor. Our team
has planned to dedicate 10,180 square feet for an Art Gallery, as a space for major exhibitions
and/or a rental space for private events. As Roland Pott, President of Trenton Makes, Inc. stated
“Demand for studio space by artists are rising in the city” therefore were providing a modern
space for all artist to have a foundation to establish a forefront of “Trenton Makes Art.” As for a
prospective landlord of the Gallery, our team has implemented a commission rate on the artwork
created by the artists living in the work-living lofts in Building No. 54 as another source of
income.
The arts will be a way to engage the public through the visualization process, while experiencing
a different aspect of culture through the vibrant atmosphere a Gallery has to offer. This would
allow the work-living artist to proudly display his/her creations which will be available to the
public for sale. The other half of the first floor will consist of the concept “For the Arts”. This
will provide the community with a series of creative and inspiring arts, music, and performance
based events such
as educational
programs which
would be hosted
by emerging
artists/arts
organizations. A
proposed concept
will be an art
organization as a
tenant that
connects with the
local community,
including nearby
universities, to
influence the
general public to
participate in arts,
culture, and
creativity as part
of everyday life.
16
Building No. 57 (Office Floor, 2nd)
As for second floor of Building No. 57,
our proposal includes the entire floor
being dedicated to office space. The
space includes a rentable office size of
25,200 square feet. With simple
ingress/egress off Mott Street and
through the entrance of “Trenton Makes
Art”, the suitable office space is easily
accessible for potential employees and
employers. As well as the proximity to
local and mass transit, the space offers
tax abatements for potential employers.
Building No. 58
Building No. 58 will be solely residential. The building is composed of 3 stories and has a total
square footage of 41,820. This building will contribute to the income stream because its
availability to the public whereas the lofts in building 54 focuses strictly on work-living for the
artists. We proposed a plan to offer 2 styles of apartments,1 bedroom and 2 bedrooms:
35 total units
-23 units of 1 bedroom
-800 sq. ft./ room
-12 units of 2 bedrooms (Located at
each corner on each floor)
-1,200 sq. ft./ room
17
Building No. 62
For this particular building, we decided to collaborate with the Trenton 250 Master Plan for the
area of Chambersburg which plans to revitalize the culture and food hub of Trenton. Our
proposal includes two separate uses for the 34,486 sq. ft. building. For the most northern section
that faces Mott Street, we plan to establish a Marketplace featuring small spaces that build on the
“Local Entrepreneur and growth of
Home-Grown Businesses” as per
the Trenton 250 Plan. The
Marketplace would be a year round
Marketplace for area grown
produce, specialty products, and
where Trenton Makes Art residents
and visitors can find fresh, seasonal
food from the Tri-State. The
Marketplace 14 local farmers,
fishers, and bakers selling items
such as fresh produce; meat and
poultry; eggs; milk and cheese; fish
and shellfish; bread and baked
goods; beverages; flowers; and a
variety of specialty foods. All items
sold at the market place would be
produced or originate from the tri
state area.
● The Marketplace total
footage would be
-19,650. Sq. ft.
● 14 vendor units
-900 Sq. ft. each unit.
To grasp an understanding of what
the Marketplace will resemble, we
referenced the shops at Faneuil Hall
in Boston, MA.
18
As for the remaining portion of Building No. 62, we propose an industrial-style restaurant
that goes along with the theme of the building. The total rentable space for the restaurant is
14,000 square feet. The “manufactured authenticity” features an upscale experience people want
with the trendy industrial look of exposed bulbs, bare brick and concrete that perfectly correlates
with the millennial demographic we are trying to captivate.
Construction Summary
We will be restoring all of the seven buildings on site. We are keeping the structure for each of
buildings on the condition that they are suitable for redevelopment. The only new development
being added to the site will be infrastructure such as: sewage, lighting, power supply. As well as
additional parking for residents, employees and invitees of Trenton Makes Art.
Construction Costs
Land Cost $- $-
Hard Costs $96.00 sf $23,513,712.72
Site Work $12.00 sf $2,939,214.09
Soft Costs $13.00 sf 3,184,148.60
Financing $8.00 sf $1,959,476.06
Total Development Cost $31,596,551.47
19
Detailed Construction per SF.
Building 51
(Museum,2Floors)
1st Floor 5,994.38 sf
2nd Floor 5,994.38 sf
Total Building 11,988.76 sf
Building 52 (Canopy/Open
Space)
Total Building 5,246.71 sf
Building 54 (Main Building,
2 Floors)
1st Floor
Anchor Tenant 27,652.00
Restaurant 9,520.00 sf
Coffee Shop 2,704.00 sf
Fast Casual 4,160.00 sf
Retail 1 2,548.00 sf
Retail 2 2,548.00 sf
Stairwell Main
Entrance
771.80 sf
Total, 1st Floor 49,903.80 sf
2nd Floor
Apartments, 90% of
Total
46,939.39
Hallway, 10% of Total 5,215.49 sf
Total, 2nd Floor 52,154.88 sf
Total Building 102,058.68 sf
Building 57 (Gallery/for
Arts/Office
1st floor
Gallery 10,558.92
For Arts 12,671.09
Lobby 2,112.17 sf
Total, 1st Floor 25,342.18 sf
2nd floor sf
Total, Office Space 25,342.18 sf
Total, Building 50,684.36 sf
20
Building 58 (Residential)
Tenant Space 36,423.00 sf
Hallways/Common
Area
4,047.00 sf
Total, Building 40,470.00 sf
Building 62 (Restaurant/Marketplace)
Rentable Space (14
Total)
12,600.00
Common Area 2,810.00
Hallway of Common
Area
4,240.00
Total Marketplace
Area
19,650.00
Restaurant 14,836.00
Total, Building 34,486.00 sf
Total Project Area 158,388.36 sf
21
Net Leasable Area
Leasable Area SQ. FT.
Building 51 (Museum) 1st Floor 0.00
2nd Floor 0.00
Building 52 (Canopy) Open Space 0.00
Building 54 (Mixed Use, 2 Floors)
1st Floor
Anchor Tenant 27,000.00
Restaurant 1 9,300.00
Coffee Shop 2,700.00
Fast Casual 3,800.00
Retail 1/Top Right 2,500.00
Retail 2/Under Top Right 3,200.00
Total, 1st Floor 48,500.00
2nd floor
Total Lofts, 2nd Floor 36,300.00
Building 57 (Gallery/For Arts/Office)
1st floor
Gallery 10,180.00
For Arts 12,500.00
Lobby 0.00
Total, 1st Floor 22,680.00
2nd Floor
Total Office, 2nd Floor 25,200.00
Building 58 (Residential)
Living Space (12) 2
bedroom units
14,400.00
Living Space (23) 1
bedroom units
18,400.00
Total, Building 32,800.00
Building 62 (Restaurant/Marketplace)
Rentable Space (14 Total) 12,600.00
Total Marketplace 12,600.00
Restaurant 2 14,000.00
Total Project Square
Footage
192,080.00
22
Lease Income and Operating Expenses
Rental Rates unit/sf Annual Rents
(12) 2 Bed $1,350.00 unit $194,400.00
(23) 1 Bed $1,145.00 unit $316,020.00
(33) Lofts $1,000.00 unit $396,000.00
Vacancy (5%) $(45,321.00)
Residential Subtotal $861,099.00
Rent/SF
Restaurant 1 $14.00 sf $130,200.00
Restaurant 2 $14.00 sf $196,000.00
Fast Casual $15.00 sf $57,000.00
Coffee $15.00 sf $40,500.00
Anchor $13.00 sf $351,000.00
Retail 1 $15.00 sf $37,500.00
Retail 2 $15.00 sf $48,000.00
Gallery $12.00 sf $122,160.00
For Arts $12.00 sf $150,000.00
Office $10.00 sf $252,000.00
Marketplace $12.00 sf $151,200.00
Commercial Subtotal $1,535,560.00
Total Income $2,396,659.00
Operating Costs
Residential 5% of Gross Residential Revenue ($54,385.20)
Commercial 6% of Gross Commercial
Revenue
($92,133.60)
Total Expenses $146,518.80
Net Operating Income $2,250,140.20
23
Sustainability
Sustainability: Everything that we need for our survival and well-being depends, either directly
or indirectly, on our natural environment. To pursue sustainability is to create and maintain the
conditions under which humans and nature can exist in productive harmony to support present
and future generations.
At 670 S Clinton, we plan to obtain a LEED certification. LEED stands for Leadership in Energy
and Environmental Design, is a certification program focused primarily on new, commercial-
building projects and based upon a points system. The more points you earn, the higher your
rating. Acquisition of an LEED status can require significantly higher upfront expenditure but
also may yield massive cost savings over time in the form of state and local tax breaks.
LEED certification ensures that the project is a healthy, energy efficient, and sustainable place to
live. Included in the construction costs will are materials such as: Ultra-efficient HVAC systems
to thermal windows, built-in LED work lighting to low-VOC finishes, and solar panels placed on
the roofs of buildings: 54, 57, and 58.
Potential Funding Sources
As per USEDA funds for this site, potential funding include:
● State Grant for Roebling
● Economic Development Trust Funds
● USEPA Assessment Grant Funds
● New Jersey Hazardous Discharge Site Remediation Funds
● Community Development Block Grant Funds
The site is available for all of the funds listed above, however does not include Federal Historic
Tax Credit because the following site is not listed on the National Historic Register of Historic
Places.
● A 20% income tax credit is available for the rehabilitation of historic, income-producing
buildings that are determined by the Secretary of the Interior, through the National Park
Service, to be “certified historic structures.” The Internal Revenue Service defines
qualified rehabilitation expenses on which the credit may be taken. Owner-occupied
residential properties do not qualify for the federal rehabilitation tax credit.
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