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For its first two multi-family projects, J.G. Petrucci Co. (JGPCO) has taken on the challenge of rezoning obsolete and deteriorating industrial properties and getting them reclassified as a garden-apartment style complex in one instance and a mixed use Transit Oriented Development (TOD) in the other. Both projects will provide multiple benefits to their local communities.
Riverview Court |
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| Location: |
Nutley, NJ |
| Land Area: |
3.636 Acres |
Located on a former brownfield site previously occupied by a vacant, deteriorating industrial building, Riverview Court is a 71-unit, one and two bedroom luxury apartment community with easy access to New York City and Newark, as well as an abundance of local shopping and other conveniences. JGPCO’s first multi-family project proved to be extremely successful due to its close proximity to New York City and Newark, the local real estate market barrier of entry for new multi family product, and the strong demand for for-rent luxury apartments.
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Warminster Transit Development |
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| Location: |
Warminster, PA |
| Land Area: |
16.35 Acres |
When JGPCO acquired this property, it consisted of an obsolete and deteriorating industrial facility adjacent to a SEPTA commuter rail station. Redevelopment proved
challenging in that the highest and best use for the property appeared to be rezoning the site for a mixed use residential and retail development. Working closely with state and municipal agencies, JGPCO’s development team was able to rezone the property as a Transit Oriented Development
(TOD), including a 233 unit one- and two-bedroom luxury apartment complex and 5,000 sq. ft. of retail space.
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