It would be interesting to see what this parcel sold for.
GlobeSt.com UPDATE: Westminster Buys Parcel for Redevelopment
By Eric Peterson
Last updated: May 11, 2005 10:11am
For more retail coverage, click GlobeSt.com/RETAIL.
PERTH AMBOY, NJ-The Landings at Harborside LLC, an affiliate of
Westminster Communities, has acquired a 1.28-acre parcel on Front
St., within this city's waterfront redevelopment district. The site
was bought from a private owner for an undisclosed price.
According to Jeffrey Freireich, managing director, the site will
house the fourth residential building within Phase I of the Landings
at Harborside, a $600 million mixed-use redevelopment. Westminster
Communities is the development arm of the Florham Park, NJ-based
Kushner Cos. "This is an important milestone in our progress,"
Freireich says. "It's the ninth parcel that we have purchased in the
past two years as the designated waterfront redeveloper."
An existing building will be vacated and torn down for the new
construction, which will consist of 69 residential units with in-
building garage parking and about 15,000 sf of retail space.
Westminster started infrastructure work on the Landings at
Harborside in 2003 and launched residential construction and
marketing last year. Two residential buildings under construction
will contain a total of 164 condominiums.
Altogether, Phase I will include six residential buildings, most of
them containing ground-floor retail space. The fully phased project
will include 2,100 multifamily units, the retail space, a marina,
recreational facilities and a hotel on 56 acres of waterfront
property.
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