Askin & Hooker Land Approval for New Jersey Project
The three-building development will join 70 acres of retail and service offerings.
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.
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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 is recovering, as the state’s employment numbers increase alongside commuters returning to the office. In recent years, the city has enjoyed an in-migration of residents, bolstered by its more ever more expensive eastern neighbor. According to Yardi Matrix data, the state’s overall market has grown by 8.9 percent year-over-year.
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.
