Development

Press Release: Joint Real Estate Companies Announce Sale of 803 South Avenue, Plainfield, NJ.

Development / By / / 3 minutes of reading

Bennett Realty & Development (BRD) and EDEN Property Company, LLC (EDEN) are proud to announce the sale of 803 South Avenue in Plainfield, New Jersey. The development project is fully approved, located in Redevelopment and Opportunity Zones, and included a 30-Year PILOT. It will bring tremendous value to this ever-changing area of the City. 

The Project consists of a 104 market-rate apartment and 115 on-site covered parking stalls with amenities that included an 8,000 square foot, meticulously designed outdoor landscaped courtyard and an adjacent 4,000 square feet of highly functional indoor amenity space which incorporates a fitness room and club room. Located in the Netherwood area of the City, the site is within walking distance to the NJ Transit Train Station providing direct access to Newark and Manhattan via a transfer. 

Bordering the site are Routes 22, 27, and 28 as well as Interstates 78 and 287 offering excellent vehicular connections to the Metro area. The Project is also well positioned to some of New Jersey’s largest workforce concentration centers including the Bridgewater and MetroPark submarkets. 

BRD & EDEN hired CBRE to manage the marketing and sale of 803 South Avenue. We are thrilled by their great work procuring the buyer, West of Hudson. We congratulate the new owner and are eager to see the completed project which is just one of many future developments that BRD & EDEN are engaged in to strive to create new growth within the City of Plainfield.

“This is our second joint-project in the City of Plainfield which is a testament to our belief in the market and the fundamentals. This project wouldn’t happen without the unwavering support of the City of Plainfield and Mayor Mapp’s administration,” said Tyler Bennett, CEO of BRD. “We are excited to continue this relationship and announcing more projects soon.” 

Dennis Cieri, CEO of EDEN added; “We are delighted to see this project finally coming out of the ground after nearly 4 years of diligent work. Our team, the City, and our ongoing belief in this market created a true one-of-a-kind multi-family project that will benefit the City for years to come.”

Minno Wasko Architects, Dynamic Engineering, and Calli Law comprised of the design, engineering, and land use team for the Project. 

About Bennett Realty & Development (BRD)
Bennett Realty & Development is a fully-integrated commercial real estate company with offices in New Jersey and North Carolina. With a focus on commercial and multi-family development and third-party services including disposition, investment sales, leasing, and tenant representation, BRD maintains an unrivaled specialized approach to the commercial real estate space. 

For more information, please contact: 
Ray Martinez
Digital Marketing Manager
info@bennettrealtyllc.com 

Feel free to follow our CEO, Tyler Bennett via: 
Linkedin: @tylerbennett
Instagram: @tylerobennett

Feel free to follow BRD via: 
Linkedin: @bennett realty & development, Instagram:@bennett_realty_development
Facebook: @Bennett Realty & Development LLC
Twitter: @bennett_realty

Press Release: Joint Real Estate Companies Announce Sale of 803 South Avenue, Plainfield, NJ. Read More »

Ground-Breaking Event in the City of Plainfield

Development / By / / 1 minute of reading

Just recently, we had our ground-breaking event in the City of #Plainfield for our latest #multifamily project. What began as a novel idea nearly 4 years ago is finally happening. In replacement of this building, you see in the picture will stand 120 beautifully appointed, market-rate #apartments adjacent to #NJTRANSIT train station.

We’d like to thank Mayor Mapp, the City Council, Valerie Jackson, and our entire #Team including Dynamic Engineering, Minno Wasko, and Calli Law.

None of this is possible without these folks endorsing our #vision. It is a true example of a “Public-Private” partnership. We look forward to this building coming to life and being a staple of the City for many years to come and to many more #redevelopment projects in the city.

Bennett Realty & Development

development #gratitude #cre #StayTheCourse #cityofplainfied

Ground-Breaking Event in the City of Plainfield Read More »

VIDEO: We are EXCITED AND PROUD to announce the launch of the newest full-service restaurant concept; Tio Taco + Tequila Bar

Development / By / / 1 minute of reading

OPENING SOON in Edison, NJ. Filling a significant void, this Mexican scratch kitchen concept will be unrivaled. While others concepts are contracting, this #TEAM continues its growth. The operations and execution behind this Company are flawless and we looked forward to a successful launch. Check out the Phase 1 video below for an update of the former ZinBurger which we recently took over 👇👇👇  https://youtu.be/sN2VBJg7EuY 

VIDEO: We are EXCITED AND PROUD to announce the launch of the newest full-service restaurant concept; Tio Taco + Tequila Bar Read More »

Bayonne: A City of Happenings

Leave a Comment / Development, Mixed-Use / By / / 2 minutes of reading

Recently I had a great conversation with Mayor Jimmy Davis of Bayonne. He and his administration have done some incredible things in helping the growth and renaissance for his city. By any measurement, The Peninsula City, as its called, is going through a BOOM… now here is why…

Positioned between Staten Island & Jersey City, with four light rail stops within the city limits, Bayonne is geographically second-to-none for commuters and the like. The Mayor is a big supporter and is actively working with the Port Authority to add ferry service from the former Military Ocean Terminal base to lower Manhattan, a move that would surely drive the high-paying Wall Street commuter to pay closer attention to Bayonne. These community amenities increase desirability and, combined with lower housing costs than those found in Jersey City and Brooklyn, the arrival of many thousand new units will attract new residents to the city. According to the Mayor, by July 2018 Bayonne will have over 1,100 residential units and a new Costco under construction.

When I asked Mayor Davis what is different between his city and others that have boomed on the Gold Coast, he said that the millennials moving to Bayonne and renting a new apartment and “trading up” as their life events advance, into single-family homes. His administration’s progressive outlook on the city and hands-on approach to spur growth epitomizes how public officials can create growth. The mayor concluded the conversation with a personal invitation to city hall for a tour of Bayonne. I gladly accepted and look forward to it.

Bayonne: A City of Happenings Read More »

Are you thinking differently? If not, you’ll get left behind..

Leave a Comment / Development, Mixed-Use, Retail / By / / 3 minutes of reading

While most of my focus is in the retail sector of commercial real estate, I also develop mixed use apartment projects in New Jersey. More recently, I began realizing and seeing the correlation between retail and residential projects. While designing the size of a residential unit, understanding the construction of a parking deck, and the allocation of one, two, and three-bedroom apartments couldn’t appear further from the retail sector, I think there are more correlations than most would believe. And I don’t mean the obvious topics which every development site has to contend with like construction costs and projected revenue. I am referring to a more personal connection; if you understand how people shop, shouldn’t you also understand how people live?? Now I may have just lost many of you but consider this; if you are a retail broker marketing the ground floor retail of a new mixed-use project or a developer looking at a site that maybe should be a hybrid-mixed-use project, you SHOULD LISTEN to this. If you want to be a successful developer in today’s market or a good broker, can you really afford to NOT understand this correlation? Perhaps this works in the prairie fields of Nebraska, or the swamps of Central Florida, but in the Northeast and in my world where so much is and has changed, I believe one MUST attempt to understand this new world.

Not only is retail undergoing an evolution, but the way people live has changed drastically as well. It is not by coincidence that these things are changing simultaneously. The instant gratification that the internet has brought, has, in my opinion, created demand and expectations in the way we live. From renters in a new building wanting to have amenities in their building and access to mass transit, restaurants, free-wifi, and grocery stores, to the Amazon shopper who wants same day delivery. This used to be viewed as a Millennial Evolution, but it is obvious that it has bled to all demographics and all ages.

In a world where fortress malls are doing health clubs, constructing office buildings on excess land, incorporating entertainment districts, and proposing residential units on their property and cities are developing three stories of retail with full LED building signage, one does not have to look too far for the changes in retail than what we see happening in the New York Metro Market

Whether a Broker or Developer, consider this; you are trying to convince a retailer to take a site that perhaps has some of the characteristics mentioned above, don’t you think you should be able to explain who may be the office worker or the resident that lives or works above or near the location you’re trying to convince a retailer to take? I mean how can you NOT do this?? Alternatively, if you’re a developer perhaps raising capital, looking for debt, or selling a project, don’t you think you need to explain WHO your perspective renter or buyer will be? What I mean is, if you’re leasing a building to on-the-go commuting millennials, do you want to lease the ground floor retail space to a hearing aid shop. Some will say that in the mixed-use space, the retail is “gravy” and you’re not concerned with that, but as explained above, the retail components have become part of the amenities of the building and who you place there could greatly change the perception of the building. This is a topic that a sociology major could write their senior paper on…more will come on this topic

Are you thinking differently? If not, you’ll get left behind.. Read More »

Scroll to Top