The plaza where the (now vacant) Pep Boys store is located is about to undergo a major redevelopment. The suburban feel of the area, with its big box format Bed, Bath and Beyond and Shop Rite stores juxtaposed with the ever-growing high-rise skyline of Newport and beyond doesn’t quite mesh. So, what will become of the area that once housed Pep Boys and a rather spectacular graffiti showcase?
The site is now known as Hudson Exchange West. A few months ago we shared renderings showing the developers plans for a 35 story residential tower, called VYV. This tower would only be the first phase of a huge 118-acredevelopment run by Forest City Residential, best known for their work at Barclays Center in Brooklyn.
NJBiz has reported that they plan to break ground by late August/Early September. The initial $223 million project is the same tower mentioned above. It consists of 421 units, 35 stories and 10,000 sf of retail space and is slated to be complete Summer 2017. Over 20% of the units will be set aside for low to moderate income renters.
The project in it’s entirety, however, is actually much larger – it eventually calls for 12 towers over the course of 2 decades. For now, the plan as a whole is considered mixed use and seems to have some fluidity to meet the market’s needs as they change over the next 20 years. “We have a lot of flexibility in our zoning, so you could see more office perk up in this market, you could see hotels, for-sale condominiums,” said Abe Naparstek, a senior vice president with Forest City Residential. “But right now the plan is to really focus on apartments and retail.”
Do you think this major development will be a positive change to the area?