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Cultural Center Redevelopment Project New Brunswick, New Jersey

Cultural Center Redevelopment Project New Brunswick, New Jersey. Project team. DEVCO. DEVCO – New Brunswick Development Corporation.

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Cultural Center Redevelopment Project New Brunswick, New Jersey

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  1. Cultural Center Redevelopment Project New Brunswick, New Jersey

  2. Project team DEVCO

  3. DEVCO – New Brunswick Development Corporation New Brunswick Development Corporation (DEVCO) is a tax-exempt urban real estate development company created in the mid-1970's to initiate redevelopment projects and to serve as the vehicle for public and private investment in the City of New Brunswick. Since its inception, DEVCO has overseen more than $1.6 billion in investment to aid in New Brunswick's economic revitalization. Currently, DEVCO has under development approximately 2.5 million square feet of redevelopment projects, representing more than $450 million of new investment. Several major redevelopment projects within two blocks of the Cultural Center Redevelopment Project site were completed within the past few years representing $530 million in investment, with an additional $600 million in the pipeline. DEVCO’s accomplishments are a direct result of the adherence to specific sets of guiding principles. • To serve as a catalyst for revitalization • To seek opportunities • To restore the urban lifestyle • To create public-private partnerships • To utilize innovative financing solutions • To leverage a variety of resources • To develop multiple-use facilities • To respond to changing priorities • To focus on the whole urban core

  4. Project overview • Renovation and new construction for New Brunswick’s performing arts venues • Intersection of Livingston and George Street • 12-story office tower • 20-story residential tower • Underground parking • Innovative public spaces • Street level retail

  5. Cultural Center Redevelopment Project Office Tower Bayard Street Performing Arts Venues Underground Parking Residential Tower Kirkpatrick Street George Street Livingston Avenue New Street Aerial - New buildings

  6. Project overview – Office tower Branding opportunity – “Panasonic Cultural Center” • Currently designed for 12-stories with +/- 25,000 to 40,000 square foot floor plates • Street-level lobby on New Brunswick’s main downtown thoroughfare – intersection of Livingston and George Street • On-site, underground parking • 1,500 foot walking distance to Northeast corridor rail line (Amtrak and NJ Transit) • Direct proximity to a full-service hotel and conference center (The Heldrich) • Accessibility to an educated workforce (Rutgers University)

  7. Incentives

  8. $ Project overview – Tax Credits New Jersey’s new Urban Transit Hub Tax Credit Act makes the Cultural Center Redevelopment Project’s (CCRP) office tower an even more attractive opportunity. As designated by the New jersey Commerce Commission, the on-half mile radius around the New Brunswick train station (which includes the CCRP site) now qualifies for this program. Urban Transit Hub Tax Credit Act– Establishes a tax credit program in rail transit hubs in various cities throughout the state. The tax credits can be applied against corporation business tax, insurance premiums tax or gross income tax liability. This incentive is valid for businesses making at least $75 million of capital investment (including site preparation and construction, renovations, equipping or furnishing) in a business facility, and employing at least 250 persons at that facility within an Urban Transit Hub. The corporate taxpayer may utilize a credit equal to 10% of the qualified capital investment annually for 10 years.

  9. Cultural Center Redevelopment Project Site Regional map

  10. Cultural Center Redevelopment Project Site Area map

  11. Cultural Center Redevelopment Project Site Local map

  12. Rail Access • 60 Daily Northbound Stops • 60 Daily Southbound Stops New Brunswick Train Station 2 Hours Stamford 45 mins New York French St and Albany St New Brunswick, NJ 30 mins Trenton 50 mins Philadelphia 1 ¼ Hours Wilmington 2 Hours Baltimore 3 Hours Washington DC R7 Trenton Line

  13. Rutgers Preparatory School The Lawrenceville School The Hun School of Princeton Mount Saint Mary’s Academy Education The George School Stuart Country Day School

  14. New Brunswick Retail & Restaurants Ample retail shopping and restaurants located right in downtown New Brunswick, walking distance from the site Fine Dining • Frog and the Peach • Daryl’s • Panico’s • Catherine Lombardi’s • Christopher’s at the Heldrich • Clydes • Soho on George • Many others….. • Casual Dining • Old Man Raffertys • Harvest Moon • Tumulteys Pub • Round Grill • Sapporo • Delta’s • The Old Bay • Many others… • Local retail services • Bookstores • Clothing and accessories • Hair salons • Electronics • Cards and gifts • Dry Cleaning • Many others… • Nightlife • GLO Lounge • The Stress Factory • Perle Nightclub • The Olive Branch

  15. Hotels

  16. Why New Brunswick Cultural Center?

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