New Brunswick plans $650M mixed-use development

New Brunswick officials unveiled plans yesterday for a $650 million development that eventually would include 760 residential units, office space, a four-story hotel and a supermarket at the southern end of New Street, adjacent to the downtown train station.

The project, which the developers dub "The Pinnacle at New Brunswick Station," would be built on 5.2 acres in phases based on changes in the real estate market. Construction is not expected to start for at least two years. The developer is still in negotiations to obtain part of the tract.

"This is another stage in our downtown redevelopment - a pedestrian-friendly use that takes advantage of our mass transit hub," said Mayor James Cahill. "It will function as a gateway to the health care campuses on the other side of the tracks."

Voorhees-based developers Thomas Moore and Larry Levy, who created New Street Area Development LLC for the project, said they began negotiating with property owners in the neighborhood about five years ago and have acquired about two-thirds of the land they need.

They are in negotiations with most of the other property owners, both residential and commercial.

Moore said his firm has talked to businesses outside New Jersey that want to place offices in New Brunswick. "There is a lot of interest in relocating into New Brunswick," he said.