Lincoln Equities Group LLC (LEG) announced today that its redevelopment and land use division expanded significantly in 2014. Specifically, LEG managed and negotiated approvals for some of the tri-state area’s largest, most complex mixed use redevelopments, including Halletts Point in Queens, Highland Cross in the Meadowlands and Forrestal Village in Princeton.
“We’ve broadened our portfolio to include some of the region’s largest, most challenging redevelopment projects underway today,” said Joel Bergstein, president of LEG. “While we continue to manage a range of office, retail and industrial projects, we’ve been responsive to the current marketplace in New York and New Jersey where there are ample redevelopment opportunities.”
“We are actively seeking new partnerships with developers and investors for future redevelopment projects,” continued Bergstein.
LEG’s current land use portfolio includes the following projects:
• Halletts Point, Astoria (Queens), NY – LEG conceived and managed a six-year approval process to redevelop the Halletts Point peninsula. LEG took a seven-acre waterfront site zoned for manufacturing, integrated its design into the adjacent Astoria Houses public housing campus and added a new waterfront esplanade. The new 2,260 unit development, with 20% of units set aside for inclusionary affordable housing, will have five waterfront multi-family high-rise residential buildings, plus two new residential buildings on the Astoria Houses campus. This complex project – which will include a new school, supermarket and job training program for local residents – received unanimous Community Board approval, along with support from local, state and federal agencies.
Anticipated groundbreaking: Fall 2015
• Highland Cross, Rutherford, NJ – LEG recently garnered approval of an amended redevelopment plan for a one million square-foot mixed use development on a 26-acre site in the Meadowlands, known as Highland Cross. The new development will include 500 apartments, a 150,000-square-foot supermarket-anchored retail center and two hotels.
• Forrestal Village, Princeton, NJ – LEG has obtained final site plan and subdivision approvals for a 394-unit multi-family residential component in the 500,000-square-foot pedestrian-friendly mixed use development at Princeton Forrestal Village. The new residential structures, to be constructed on former under-utilized parking lots, will connect the existing office and retail buildings to the adjacent Windrows active adult community.
Anticipated groundbreaking: Late 2015.
• Lincoln Industrial Park, Piscataway, NJ – LEG developed the master plan and business strategy for a 300-acre build-to-suit industrial subdivision on a former Dow Chemical brownfield site, christened Lincoln Industrial Park. Ultimately there will be 2.4 million square feet of industrial space and up to eight buildings on this site, serviceable by highly desired “F Plate” rail cars.
Anticipated groundbreaking: Fall 2015.
• Case Boulevard, Raritan, NJ – LEG purchased an old industrial building which owned extensive sewer rights, and bought a centrally located 100-acre farm within the sewer service area. LEG negotiated a complex win-win arrangement with the Township and the Sewer Authority using its sewer rights to facilitate rezoning approvals for a 300-unit active adult community. After securing approvals, LEG partnered with Pulte Homes to design and construct the new residential community.
Anticipated groundbreaking: Fall 2015
• Holland Park, Jersey City, NJ – LEG is developing a site on the north side of the entrance to the Holland Tunnel, adjacent to Hoboken, in a growing area of the city. The project is planned for 1,200 residential units which will be serviced by a new on-site station of the Hudson-Bergen Light Rail Line.
Anticipated groundbreaking: Spring 2016
“We like doing multifaceted redevelopment projects on brownfield sites,” said Robert Schenkel, senior director of development for LEG. “In many cases, other firms attempted to develop these sites before we came in and were not successful. Our plans were accepted due to our persistence and creativity.”