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Summarizing NB real estate construction

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Jonny S

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Feb 4, 2004
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https://www.mycentraljersey.com/sto...y-renewing-reinventing-reinvesting/444666002/

New Brunswick also has approved plans for:

  • A mix-use high-rise on Kirkpatrick Street with more than 200 units of residential, retail and office space developed by Woodbridge-based Wick Properties
  • Four-story hotel from Red Bank-based Highview Hospitality with 109 suites on 1.76 acres at former Bennigan’s site at routes 1 and 18
  • Between 50 and 60 middle-market units coming to Easton Avenue at Morrell Street from city-based developer Dave Adams
  • An expected 20 to 25 units of middle-market rentals developed locally at Lewis Street behind the Ale ’N’ Wich on Hamilton Street
  • Home2Suites from Hilton to open May 2020 with an indoor pool, patio, breakfast area, fitness room, outdoor lounge space and 109 parking spaces
  • A 1.2-acre Middlesex County park that is the former site of the Wolfson parking deck at Liberty and Neilson streets.
 
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Jonny S said:
https://www.mycentraljersey.com/sto...y-renewing-reinventing-reinvesting/444666002/

New Brunswick also has approved plans for:

  • A mix-use high-rise on Kirkpatrick Street with more than 200 units of residential, retail and office space developed by Woodbridge-based Wick Properties
  • Four-story hotel from Red Bank-based Highview Hospitality with 109 suites on 1.76 acres at former Bennigan’s site at routes 1 and 18
  • Between 50 and 60 middle-market units coming to Easton Avenue at Morrell Street from city-based developer Dave Adams
  • An expected 20 to 25 units of middle-market rentals developed locally at Lewis Street behind the Ale ’N’ Wich on Hamilton Street
  • Home2Suites from Hilton to open May 2020 with an indoor pool, patio, breakfast area, fitness room, outdoor lounge space and 109 parking spaces
  • A 1.2-acre Middlesex County park that is the former site of the Wolfson parking deck at Liberty and Neilson streets.
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Possibly a 22 story building where the Elks is with the Elks occupying the ground floor
 
Jonny S said:
Home2Suites from Hilton to open May 2020 with an indoor pool, patio, breakfast area, fitness room, outdoor lounge space and 109 parking spaces
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Thanks for the link, good to get a comprehensive summary of everything in the works. Anyone have an idea of the location of the Hilton H2S?
 
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whelp, looks like demolition has finally begun for the new st. High rise
 
Upstream said:
The H2S hotel is the hotel that is planned for the Bennigans site at Rt 1 & 18
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Good to have that space used, but...that intersection is a death trap. Now add a bunch of out-of-towners who don’t know the traffic patterns and that’s just asking for trouble.
 
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RUSK97 said:
Good to have that space used, but...that intersection is a death trap. Now add a bunch of out-of-towners who don’t know the traffic patterns and that’s just asking for trouble.
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Don't disagree. The weaves and lane changes required to navigate certain movements through that interchange can be challenging for non-regulars in that area. But in terms of access to multiple highways and general location/proximity per potential demand of the hotel guests, it's probably not a bad location for that level of a hotel. Hopefully the tricky site accessibility aspect doesn't hinder it too much.
 
Whether or not they're on schedule, I don't know, but good to see they're starting to skin the NB-PAC from the 6th floor up, which I assume is the residential part of the tower. Live and panoramic camera available at nbpac.org
 
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Wow, Dave Adams was my landlord for my fraternity house. I would cringe when I would give him rental checks of nearly 10K every month. I knew he was going to get into development eventually, but he must be really big in NB now. At the time I know he was at least part owner of 30+ properties off campus 10-15 years ago.
 
PeteGiam07 said:
Wow, Dave Adams was my landlord for my fraternity house. I would cringe when I would give him rental checks of nearly 10K every month. I knew he was going to get into development eventually, but he must be really big in NB now. At the time I know he was at least part owner of 30+ properties off campus 10-15 years ago.
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www.ccrossings.com

I never met him but yes, partnered up and owns a lot of the greek life houses. If he actually rents his building to middle market folks I think it's a big win for NB. If it's for students, meh, more of the same market getting overbuilt.
 
RUnTeX said:
Is the supply outstripping the demand in the NB student housing market?
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The new stuff being built is IMO...and they are building another 1300-1500 beds at $1,000 a bed in the next 3 years between the project on Easton Ave and the other buildings on New St by Rockoff Hall (which is a major mistake IMO, what students want to live over there besides a peppering from Mason Gross??). I just don't see it happening. It's nearly the same price (or more) as living on-campus at that point.
 
Is it me or is student housing getting ultra luxe? Nothing like that back in my day (in NB or elsewhere). Just a bunch of us college kids elbowing each other for a room in some rathole with floors you knew were sure to cave in any given day.
 
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Maybe Cofifa knows the answer to this,but is any of the new housing being proposed being geared toward the thousands of new Rutgers students involved in the Medical School?How about fairly young Rutgers teachers and staff?
 
RUskoolie said:
www.ccrossings.com

I never met him but yes, partnered up and owns a lot of the greek life houses. If he actually rents his building to middle market folks I think it's a big win for NB. If it's for students, meh, more of the same market getting overbuilt.
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Skoolie, are there a select few individuals in New Brunswick who own the majority of the student rentals or is it spread out amongst a larger group of people?
 
rutgers0423 said:
Skoolie, are there a select few individuals in New Brunswick who own the majority of the student rentals or is it spread out amongst a larger group of people?
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There are a few people who are massive players in the market (talking 20+ properties) but there are simply too many lots of land for it all to be owned by 4-5 people.
 
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RUskoolie said:
There are a few people who are massive players in the market (talking 20+ properties) but there are simply too many lots of land for it all to be owned by 4-5 people.
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Yeah, not quite an oligopoly, but still pretty controlled market.
 
RUskoolie said:
Not at all. The market dictates the pricing, not the landlords.
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Yeah, I guess. Why else would anyone pay a few hundred each month for a room in a roach and rat infested deathtrap that hadn’t been updated since 1949?
 
RUSK97 said:
Yeah, I guess. Why else would anyone pay a few hundred each month for a room in a roach and rat infested deathtrap that hadn’t been updated since 1949?
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That’s not how all the houses in New Brunswick are. I’m going into my senior year at Rutgers and my house is actually very well kept and my roommates and I are very happy with it. To generalize that all the houses are like that is far fetched. I know plenty of kids with houses nicer than mine and plenty with houses that are crappier than mine. It all depends.
 
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RUSK97 said:
Yeah, I guess. Why else would anyone pay a few hundred each month for a room in a roach and rat infested deathtrap that hadn’t been updated since 1949?
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The type of kid that takes a house like that is typically someone who will treat the property poorly as it is and lives in filth. Google broken windows theory.

If the kid doesn’t take it then there are plenty of Hispanic families who will. Supply/demand.
 
HeavenUniv. said:
Maybe Cofifa knows the answer to this,but is any of the new housing being proposed being geared toward the thousands of new Rutgers students involved in the Medical School?How about fairly young Rutgers teachers and staff?
Click to expand...

Cofifa talked about this a while ago. He is very influenced by University City in West Philadelphia. There was a plan to get the students out of the area between College Ave and Easton, and turn that into faculty housing.
 
PeteGiam07 said:
Wow, Dave Adams was my landlord for my fraternity house. I would cringe when I would give him rental checks of nearly 10K every month. I knew he was going to get into development eventually, but he must be really big in NB now. At the time I know he was at least part owner of 30+ properties off campus 10-15 years ago.
Click to expand...
Oh man, that guy was my landlord in 2000...pretttttty scummy...
 
RUskoolie said:
www.ccrossings.com

I never met him but yes, partnered up and owns a lot of the greek life houses. If he actually rents his building to middle market folks I think it's a big win for NB. If it's for students, meh, more of the same market getting overbuilt.
Click to expand...
Ha, my house is on his site! 10 Prosper...nice to see he put at least 5k into it over the last 18 years...
 
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