CARTERET — Kaplan Companies has begun construction on 42 additional residential units in continuation of their Lower Roosevelt Avenue redevelopment project, according to Carteret Mayor Dan Reiman.
Kaplan Companies received permits to begin Phase II of construction on Gateway of Carteret in 2010. The mixed-use redevelopment project first broke ground in 2006.
Thirty-two luxury townhomes were subsequently completed, and offered for sale or rent. A total of 130 units have now been completed and/or rented. According to Jason Kaplan, president of Kaplan Companies, Inc., Gateway is already near 100% occupancy, months ahead of schedule. Occupancies for Phase II are expected to be filled by the fall, and its rental office has begun pre-leasing on-site.
Phase II has called for the addition of 130 new residential units, housed in 20 and 30 unit buildings along Roosevelt Avenue and Essex Street, from McKinley Avenue to Pershing Avenue. Each will have a garage with private access and luxury amenities, according to Jason Kaplan.
This phase will have taken approximately 18 months to complete, with the first occupancies made available in the Fall of 2010.
Planning for “Gateway at Carteret,” has been completed by Kaplan Companies of Highland Park in coordination with Carteret’s Redevelopment Board. Kaplan is known throughout the region for its achievements in urban revitalization, transforming distressed urban communities into vibrant resources for living, shopping, and commuting.
The entire Gateway project, once completed, will offer numerous loft-style condos and condominium flats, as well as for-sale townhomes, luxury rental apartments, and 16,000 square feet of retail space. The construction of a public plaza has also been planned, making way for street-side shops and retail space.
“Kaplan’s ongoing project has been a welcome improvement to the Lower Roosevelt neighborhood,” Reiman stated. “Gateway promises to be among the vanguard of urban revitalization projects throughout the state. This historic part of Carteret will ultimately be returned to its former commercial and residential stature, while offering comfortable residency, convenient access to commuter resources, as well retail space.”
Phase III of Gateway, which will include mixed-use and retail space, is expected to break ground by the year’s end.
“This project has always been a 7-10 year build out,” Reiman added. “While we would love to have seen Phase II start earlier, the national and regional economy has impacted every construction dollar and permit across the nation. We are fortunate that although this process has been slow-going, vacant building lots have been a far cry from the abandoned buildings that formerly characterized this neighborhood.”
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