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SOURCE The PRC Group
EWING, N.J., Oct. 03, 2013 /PRNewswire-USNewswire/ -- Construction of the much-anticipated new mixed-use Campus Town project at The College of New Jersey (TCNJ) began officially on Friday, September 27th, at its groundbreaking ceremony. Governor Chris Christie was in attendance to celebrate the start of a development that will bring new retail, restaurants, jobs and student housing to the area.
"I share in your pride today," Governor Christie said to a cheering crowd of students, faculty, residents and statesmen. TCNJ, he said, "is an example of why our institutions of higher learning in New Jersey are so vital to economic growth and competitiveness."
Comprised of 7 buildings, Campus Town will be built by PRC Campus Centers LLC, a PRC Group company, on 12 acres of property located on the TCNJ campus, which has businesses clamoring for space in the 80,000 square feet of ground-level commercial space.
That's because, in addition to having an installed customer base from the college, two front entrances give Campus Town incredible access, and the site has visibility from Route 31 (Pennington Road) with more than 15,000 cars passing by each day – a trifecta for any retailer. The main entrance is on Route 31 (Pennington Road), along with a secondary entrance leading to public retail parking. Private, student-only parking is accessed from Metzger Drive, located on campus.
"The importance of Campus Town to the college, area and region is highlighted by the governor and other officials building time into their busy schedules to celebrate the groundbreaking," said Greg Lentine, Vice President of The PRC Group and project leader for Campus Town.
Barnes & Noble will be an anchor tenant, with a brand-new 14,000-square-foot store, and leasing is underway with many others, including a yogurt shop, sushi restaurant, convenience store and brewpub. "We are still looking for other interested retailers that will benefit the community as well as the campus," said Lentine.
The development of the project was made possible through provisions in the New Jersey Economic Stimulus Act of 2009, which allows public colleges to partner with private developers to build and operate campus facilities.
Lentine added, "Campus Town will create hundreds of permanent jobs and thousands of construction-related jobs. The addition of tax revenue and retail business will benefit the entire area."
Slated for occupancy in the fall of 2015, the project is estimated to require an investment of roughly $70 million. The PRC Group, a multi-faceted regional real estate owner, developer, and services provider, will assume the financial obligations associated with the project and lead the development of the land. In addition, the West Long Branch-based company will provide TCNJ annual rent in a ground lease term of 50 years.
TCNJ students will be offered the option of one, two, or four bedroom apartments that include semi-private baths, full kitchens, in-apartment washer/dryer, living room and dining area. Campus Town will add 446 additional student beds to the TCNJ housing options.
Retailers will have an opportunity to offer both students and local residents services that are missing from the area now. With nearby corporate centers and residential housing, the area demands additional shopping.
Route 31 will be expanded to four lanes with a new traffic light at the main entrance to Campus Town.
Campus Town will create hundreds of permanent jobs and thousands of construction-related jobs. The addition of tax revenue and retail business will benefit the entire area.
For more information on Campus Town, visit www.CampusTownTCNJ.com.
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