EWING, NJ … Officials at The College of New Jersey announced today that they have partnered with The PRC Group, located in West Long Branch, and will be moving forward with a mixed-use development dubbed “Campus Town.”
Utilizing the public-private partnership provision contained in the New Jersey Economic Stimulus Act of 2009, the Campus Town project will include the development of 14 acres of property adjacent to TCNJ’s Ewing campus along Pennington Road. It will create nearly 300,000 square feet of housing and amenities, including 216,000 square feet of living quarters with the capacity to house 350 to 400 students.
“Campus Town will expand the high quality environment of the campus and further strengthen TCNJ’s commitment to the learning and living community.” said TCNJ President Barbara Gitenstein. “We are grateful to the Legislature and Governor for the enactment and extension of the Economic Stimulus Act. The ability to pursue this project as a public-private partnership is a wonderful opportunity for the College and TCNJ students will benefit from our ability to utilize this forward-looking option for generations to come.”
In addition to augmenting and enhancing the living-learning environment TCNJ provides for students, Campus Town will deliver amenities that will appeal to the broader Ewing community, such as retail stores, health and wellness facilities, and restaurants. Campus Town is envisioned to be a sustainable, walk-able, and environmentally responsible complex near the campus that will be an alternative to traveling by car to shopping and services along nearby Route 1.
A feasibility study conducted in 2009 concluded that the Campus Town project was not only feasible, but that it had the ability to generate revenue for the College and enrich the College and local community. The College seeks to strengthen the college-community relationship by promoting community use of the development. In an effort to seek broad input early in the project’s conceptualization and planning, Ewing Township officials and community members were included in the feasibility study team.
Slated for completion in the in fall of 2013, the project is estimated to require an investment of roughly $50 million. The PRC Group, a multi-faceted regional real estate owner, developer, and services provider, will assume all financial obligations associated with the project, lead the development of the land. The PRC Group will also handle property management, with the support of residential and retail specialists unaffiliated with TCNJ housing programs. In addition, the West Long Branch-based company will provide TCNJ annual rent in a ground lease term of up to 50 years.
“Through this innovative partnership, we are able to enhance the College community and aid this extraordinary institution in delivering on its mission, as well as stimulate the local and regional economies by creating new jobs, bringing in businesses, and generating local tax revenue,” said Greg Lentine, Vice President of The PRC Group. “We are excited to be partnering with The College of New Jersey on such an extraordinary project so close to home and we look forward to working closely with the College and Ewing community to bring this project to fruition.”
The project will be submitted to the New Jersey Economic Development Authority in October for review. The College will soon be announcing public information sessions and campus forums to engage the Ewing and College communities, discuss further project details and timelines, and answer questions.
For more information on these sessions and about the Campus Town project, visit: tcnj.edu/campustown.