CARTERET– Kaplan Companies has begun construction on the third phase of the “Gateway” redevelopment at lower Roosevelt Avenue, according to Mayor Dan Reiman.
The current stage of the project will consist of a parking deck, now nearing completion, at Roosevelt Avenue and Terminal Avenue, paving the way for 99 residential units and 7,990 square feet of mixed used commercial space.
The residential building will be corridor-style with elevators and luxury amenities like stainless steel appliances and granite countertops, according to Jason Kaplan, president of Kaplan Companies.
The mixed-use redevelopment project first broke ground in 2006, after which paving and streetscape improvements began. Kaplan Companies received permits to begin Phase II of construction on Gateway of Carteret in 2010, allowing for the construction of 130 residential luxury townhomes and condominiums along Roosevelt Avenue and Essex Street, from McKinley Avenue to Pershing Avenue, which have now been completed and/or rented. Gateway is already near 100 percent occupancy, according to Kaplan Companies.
Phase III is expected to be complete by the summer of 2014.
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 for Phase III, accommodating street-side shops and retail space.
“Kaplan’s ongoing project has been a welcome improvement to the Lower Roosevelt neighborhood,” Reiman said. “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.”
“This project has been a 7-10 year build out,” Reiman added. “While we would love to have seen Phase III 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. For close to 40 years, administrators and residents of Carteret have talked about redeveloping lower Roosevelt Avenue, and we are happy to be getting it done.”
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