Project Description: Redevelopment of Contaminated Industrial Site
Service Provided: Market Study, Brokerage Services
Client Since: 1990
Private Real Estate Developer
To determine the viability of redeveloping a 13-acre industrial site with a mix of apartments and retail space.
The Otteau Group provided advanced market analytics and viability testing to quantify market demand, and development financial performance projections for this mixed-use apartment/retail project. We also provided the developer with a recommended program mix to include apartment types, sizes, design features and amenities for residents. Our brokerage division then successfully marketed this project by finding an investor/purchaser to acquire the development rights and complete the project.
The initial phase of the project with 400+ apartments and supporting retail space are underway following environmental remediation. On-site amenities for the project will include a public riverfront walkway, dog park, clubhouse, pool, co-working spaces, and outdoor amenity space with grills, firepits, and an outdoor theater. Future plans include a NJ Transit bus stop with access to NYC.