New Markets Tax Credit Investments
Wellness PlazaNew Brunswick, NJ
CityScape Capital Group assembled the key tax credit equity financing for the $120 million development of the Wellness Plaza project located at Paterson Street & Joyce Kilmer Avenue in New Brunswick, NJ.
The New Brunswick Development Corporation and Pennrose Properties transformed an underutilized downtown New Brunswick site into a major transit-oriented, mixed-use facility focused on community health. The New Brunswick Wellness Plaza consists of a state-of-the-art, 9-story mixed-use building comprised of a 49,000 square foot supermarket, a 62,000 square foot wellness and fitness center (including an aquatic center) and a 474,000 square foot public parking garage with 1,275 parking spaces. In addition, the project incorporates the development of outdoor public space and the construction of a direct connection with the NJ Transit train platform located along the Northeast Corridor rail line. It is estimated that the project creates over 350 temporary construction jobs and more than 370 full-time permanent jobs in a census tract with 29.7% poverty rate and 17% unemployment rate.
The New Brunswick Wellness Plaza development has provided downtown New Brunswick with its only full-service supermarket, as well as a wellness, fitness, and aquatic center offering a variety of health-oriented services unavailable in New Brunswick since the city lost both its YMCA and YWCA many years ago. The project is part of the larger "Transit Village Redevelopment Initiative" undertaken by the City of New Brunswick to systematically add housing, retail, office, parking, and transportation infrastructure to downtown New Brunswick. The City of New Brunswick and State of New Jersey were major supporters of this project.