Askin & Hooker Land Approval for New Jersey Project

2 min read

The three-building development will join 70 acres of retail and service offerings.

75 Lafayette Road.
75 Lafayette Road. Image courtesy of Askin & Hooker

Askin & Hooker has received approval for the construction of a 138-unit multifamily addition to The Shoppes at Lafayette, a mixed-use development located at 75 Lafayette Road in Lafayette, N.J. The approval was secured on behalf of the property’s owner, Nicholas Vene. The planned community will feature three buildings totaling 21,588 square feet of space, according to CommercialEdge data.

Originally constructed as Olde Lafayette Village in 1985 and later converted to the Shoppes at Lafayette after its foreclosure, the development covers 70 acres of space, which features a diverse array of retail and service offerings. After its completion, the community will be within walking distance of the development’s commercial offerings, which include retail, dining, medical and boutique offerings.

In prepared remarks, Askin & Hooker attorney Daniel Benkendorf described the convenience of the integrated commercial offerings, noting the approval will allow residents of the community an opportunity to see their doctor, grab dinner and go shopping without having to pick up their car keys.

New Jersey’s journey

New Jersey’s multifamily market posted strong fundamentals, as the state’s employment market recovers alongside commuters returning to the office. A full recovery is expected by mid-2023, according to data from a second-quarter 2022 report from Marcus & Millichap. The state has 16,000 units in its construction pipeline—a 5,000-unit increase from last year—in addition to a vacancy rate of 4.3 percent, a 110-basis-point decrease year-over-year, the same data shows.


READ ALSO: Multifamily Sales Volume as Financing Becomes More Costly


Other New-Jersey multifamily developments currently underway are Diversified Properties’ acquisition of a 2-acre plot for the construction of a 60-unit partially affordable community in nearby Wharton, in addition to a joint construction of Cramer Hill Family, a four-phase affordable project in Camden.

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