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Cornerstone builder may add housing in Linwood
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LINWOOD - The developer of the Cornerstone Commerce Center announced plans Tuesday for new retail and office buildings within the 36-acre site, with one proposal ushering in more than 100 high-end apartments and several rows of townhouses.
This second phase of construction, which could cost as much as $40 million, would be an example of "suburban infill," said the Karman Development Group. The concept: create a community where people can work, shop and live within a walkable neighborhood.
"Mixed-use properties provide what the community needs and wants, and maximizes the ratables," said the group's president, Robin Karman. "It not only is responsible development, but allows people, such as Linwood's retiring baby boomers, to move from the large homes they no longer need and stay close to their families."
Cornerstone, across from Mainland Regional High School on New Road, consists of a single, 215,000-square-foot building that was once home to financial giant Prudential. The building was renovated in 2004 at a cost of $35 million.
Its 45 tenants include the Federal Aviation Administration, Wachovia Securities, the Atlantic County Women's Center, a Chinese restaurant and a prom dress retailer. Karman said Cornerstone's occupancy rate is about 98 percent, indicating a need to expand.
There are two proposals for doing that: One would be the mixed-use site with housing, while the second would be only retail and office buildings. Either project would begin on a section of the existing parking lot to the north of the main building.
The mixed-use development is the more ambitious of the two proposals. It consists of two separate retail and office buildings about 12,000 square feet each with 40 to 45 apartments above them. A third mixed-use structure could be built to the south of the main building. Another 40 townhouses could be built separately from the other buildings.
If such development is not favored by the city, Karman said, the other proposal is to build two self-standing commercial structures costing about $17.5 million. One would be 30,000 square feet and the other 60,000 square feet.
They could be used by professional and medical firms, nationwide retailers or smaller mom-and-pop stores, Karman said. Another restaurant remains a possibility for the complex, she added, although three others have failed at the Cornerstone since early 2007.
The separate development proposals have been forwarded to city officials, Karman said. Further approvals would be needed from the City Council, Planning Board and potentially the state Department of Transportation.
So far, the only approvals from the planning and zoning boards are for the building of a single structure on the Cornerstone parking lot, said City Councilman Tim Tighe, also the chairman of the City Council Planning and Development Committee.
Earlier this year, several residents expressed concerns to the City Council about potential plans to expand the Cornerstone. They also voiced complaints, including that no sidewalks nor a bus stop were installed along New Road since the center was renovated.
But Karman believes the city would benefit from Cornerstone's growth by receiving additional tax revenue of as much as $800,000 per year depending on the size of the expansion.
She also is confident that the project's financing needs can be met, despite an economic downturn that has restricted commercial lending opportunities.
Some tenants of the Cornerstone said Tuesday they would be happy to see the complex expand as long as it can draw more customers via a familiar anchor store or restaurant. They say the complex's sign along New Road does little to lure more traffic there.
Sandra and John Sweeney, owners of Serenity Now Massage Spa, have used promotions to coax first-time customers to their business, which opened in June 2008.
"I just want to see more foot traffic," John Sweeney said.
Contact Erik Ortiz:
609-272-7253
Contact Steven Lemongello:
609-272-7275
Posted in Atlantic on Wednesday, November 11, 2009 2:05 am
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