PHASE II INFRASTRUCTURE PROGRESS AT ON3 PUNCTUATES THE VALUE OF PUBLIC/PRIVATE PARTNERSHIP IN NEW JERSEY REDEVELOPMENT
As Phase II infrastructure improvements progress at ON3, the high-profile, 116-acre campus spanning Clifton and Nutley continues to illustrate the vital role of public/private partnership in New Jersey redevelopment. Developer Prism Capital Partners completed Phase I at mid-year and anticipates the full, $20 million project will wrap up by April 2019.
The first phase of the improvements focused on the addition and rebranding of streets on the east portion of the campus, the installation of new sewer and storm water systems, and electrical grid enhancements. Phase II is creating new internal roadways on the balance of the site to support coming tenants and future development.
According to Prism Capital Partners’ Edwin Cohen, principal partner, municipal involvement has been critical in the process. “One of the most challenging and exciting parts of creating the ON3 conceptual master plan has been transforming this former one-user campus into a property with distinct development sites that ultimately will combine into a new, unified whole,” noted Cohen, whose firm acquired the former Hoffmann-LaRoche campus in fall 2016. “Phase II is creating that definition with a robust roadway network that both allocates and integrates spaces on ON3’s west side, and enables the campus to be easily – and fully – traversed.
“The input and cooperation of officials from both Clifton and Nutley has been invaluable in creating a plan that will complement and serve their communities,” he added. “These municipal partners have been great allies since day one, and it is gratifying to see our shared vision becoming reality.”
The ON3 campus has seen significant progress and attention during its first two years. Prism recently announced a full-building lease by Ralph Lauren Corporation; the firm’s New Jersey hub will move to 100 Metro Blvd. (supported by a $33 million Grow NJ grant). In July, the new Hackensack-Meridian School of Medicine at Seton Hall University opened its doors at 123 Metro Blvd. Seton Hall University’s Graduate College of Nursing and School of Health and Medical Sciences are located at 123 Metro Boulevard as well, and Hackensack Meridian is creating a National Health Institute-designated Clinical Research Center at the property. ON3 also serves as home to biofabrication company Modern Meadow, which moved into its laboratory at 111 Ideation Way in 2017.
Today ON3 is “on the map,” and continues to generate extraordinary interest, according to Cohen. In fact, the campus recently served as the backdrop for New Jersey Governor Phil Murphy’s unveiling his administration’s economic master plan. “The setting was fitting,” Cohen noted. “This property has become a poster child for the potential of redevelopment to propel New Jersey, its economy and its role as a preferred commercial destination forward.”
ON3 is positioned to set a benchmark in Walking Urbanism. Set just nine miles from Manhattan on Route 3, it promises a world-class, mixed-use setting integrating office and R&D facilities, recreational, hospitality and wellness options as well as all other uses that will comprise the 24/7 environment.