The week started with a ceremony to celebrate the beginning of what will become East Orange’s largest-ever real estate development: the new, $500 million transit-oriented The Crossings at Brick Church Station.
Gov. Phil Murphy, Lt. Gov. Sheila Oliver, East Orange Mayor Ted Green and other stakeholders joined Triangle Equities, investment partners Goldman Sachs and Basis Investment Group, and co-developer partner Summit-based Incline Capital Nov. 28 to mark the official groundbreaking for the mixed-use project coming to 533 Main St.
According to an announcement from the team behind The Crossings at Brick Church Station, the project, which will be anchored by a new Shoprite, will be built in two phases, ultimately delivering:
- approximately 200,000 square feet of retail, restaurant and commercial space
- a pedestrian plaza and promenade
- 820 mixed-income rental units
- a 1,200-space parking garage
With more than 85% of retail space pre-leased, the first phase of the project is expected for delivery in the fourth quarter of 2024.
Rendering for The Crossings at Brick Church Station coming to 533 Main St. in East Orange. – THE CROSSINGS AT BRICK CHURCH
“I want to thank Gov. Murphy, Lt. Gov. Oliver, Mayor Ted Green, and City Council Chairman Christopher Awe for their support and for welcoming The Crossings at Brick Church into this great community,” said Lester Petracca, president of Whitestone, N.Y.-based Triangle Equities. “We also appreciate the tremendous support that we received from our investment partners Goldman Sachs and Basis Investment Group illustrating what it takes to make these challenging projects become a reality. We are looking forward to building a project that we believe will be a catalyst for the redevelopment of this area and provide amenities to a deserving community.”
Located along Main Street and Dr. Martin Luther King Jr. Boulevard between South Harrison and Halsted Streets, The Crossings – including a nine-story building, a five-story building and a seven-story parking garage – will replace the former Brick Church Plaza.
March Associates Construction Inc. of Wayne will serve as the construction manager and general contractor.
“New Jersey is the State of Opportunity, and it’s fitting that this new development will open here in East Orange, one of our state’s Opportunity Zones,” Murphy said. “The Crossings at Brick Church Station will provide residents the opportunity to find an affordable place to call home and a good-paying new job, as well as access to even greater healthy foods options and public transportation options.”
The Crossings at Brick Church Station will feature approximately 200,000 square feet of commercial space. – THE CROSSINGS AT BRICK CHURCH
Midtown Manhattan is just 25 minutes away via NJ Transit rail service.
“I applaud the leadership of Triangle Equities, and the partnership of the City of East Orange, Basis Investment Group, Goldman Sachs, and PNC for making this historic investment in the community of East Orange,” Murphy added.
In his remarks, Green described the effort as one of the largest and most transformative projects to come to the city.
“Having served as Third Ward councilman and now as mayor, I have ambitiously advocated for a public-private partnership like the one we have with Triangle Equities,” he said.
The mayor added the project will leverage East Orange’s existing assets of diversity, proximity and convenience, coupled with modern amenities, helping to “bring the cityness back to East Orange, raise our property values, spur additional investment, and essentially improve the city’s overall fiscal and social health” — not just in the short-term, but for future generations, as well.
Phase 1 funding
The Crossings at Brick Church Station finalized $317 million in financing for its first phase. Read more here.
Petracca noted the same, saying the long-term vision for the project aims to boost a community that’s been underserved for some time. He cited Shoprite’s inclusion and long-term lease at the property as a further indicator of that commitment.
“By successfully leveraging New Markets Tax Credits, Low-Income Housing Tax Credits, Redevelopment Area Bond and other financing tools, we were able to make the project financially feasible and creatively structure a public private partnership with the City of East Orange,” Petracca said. “We believe this project will be a catalyst for the transformation of the Main Street corridor in tandem with revitalization of the Brick Church Train Station and other main street revitalization efforts by the City.
“We are thrilled to work on this transformative project with such great partners,” he added.
More news from East Orange:
- Essex County multifamily portfolio sells for $8M
- CBRE arranges apartment building sale
- Newark invests $2 million into NJ FAM Fund
