SHORT HILLS, N.J., Dec. 14, 2010 /PRNewswire/ -- Recent retail signings by Roseland Property Company at two of its mixed-used developments in New Jersey reflect the company's continued focus on integrating complementary retail services into its overall development plans and its ability to execute leases during a recessionary environment.
At Port Imperial, the massive $2 billion-plus master-plan development spanning two miles and nearly 200 acres along the Hudson River Waterfront facing midtown Manhattan, Roseland has recruited Son Cubano, a Cuban restaurant reminiscent of 1950's Havana. Following its successful Manhattan Meatpacking District location, Son Cubano will Grand Open this December at Port Imperial in a 6,500 square-foot space with spectacular views of the Manhattan skyline, a beautiful handcrafted interior and a menu that combines new flavors and traditional dishes. Another restaurant, Riverwalk Pizza Bar, will open a 1,750 square-foot storefront in 2011.
The new restaurants will join an established roster of commerce at Port Imperial known as The Shops at Riverwalk that already includes A&P, Starbucks, Gionnone Wines, Floris Nail & Spa, Ben & Jerry's, Riverwalk Cleaners and Wachovia, totaling 65,727 square feet of occupied space. Three retail spaces of 6,000 square feet, 4,500 square feet and 2,400 square feet are available for leasing.
The eclectic offering of retail providers attracts patrons from surrounding "Gold Coast" towns while serving as the downtown corridor for Port Imperial, one of the nation's largest urban master-planned developments. In addition to the approximately 6,000 townhomes, condominiums and upscale rental housing units, the riverfront community also features a mass transportation system anchored by an intermodal ferry terminal and light rail. Future office space and a luxury hotel with conference facility are planned.
In Morristown, where Roseland Property Company and joint venture partner Woodmont Properties are in the latter stages of a $300 million redevelopment effort that has reshaped and revitalized the historic downtown, Harvest Restaurant Group will open two new restaurants at "The Shops on the Green." Roots Steak House, which has a location in nearby Summit that has a very loyal following, will occupy a 6,000 square-foot commercial space overlooking the vibrant Morristown Green, while Urban Table, an upscale hamburger restaurant, will open in a 4,700 square-foot space. In addition, AT&T recently opened a 2,500 square-foot store with a wide range of wireless products and services for consumers and businesses, and Qdoba has just finalized a lease for its new location.
The Shops on the Green offers a total of 70,000 square-feet of street-level retail space which serves as the foundation for the new 40 Park luxury condominium building and adjacent Metropolitan at 40 Park rental building. Located in the heart of downtown Morristown, The Shops on the Green provides an ideal retail location for operators who benefit from the area's vibrant, pedestrian-friendly atmosphere and established residential population which is increasing with the new development in town.
Roseland Property Company has also brought this successful model to Williamsburg, VA with its High Street mixed-use community that blends upscale townhomes and rental residences with 105,000 square feet of street-level retail space located in seven distinctive buildings. An impressive 62% of the retail space at The Shops at High Street has already been leased.
Creating adequate retail services that support new development and the community at large is an essential element of the projects Roseland Property Company engages in nationwide, according to company Vice President of Development, Debra Tantleff.
"We're creating livable, walkable neighborhoods that offer a high quality of life for residents," notes Ms. Tantleff. "Street-level retail plays a critical role in promoting pedestrian activity and a vibrant, urban downtown setting. It also creates jobs and brings new resources and tax ratables to the host towns in which we develop. We carefully assess every neighborhood's need and aim to provide residents with a wide variety of complementary shops, restaurants and services."
Roseland works with both national and regional operators to fill out its retail offerings, blending local boutique shops with national brands to produce a well-rounded, approachable shopping and dining destination.
"We place a great deal of emphasis on bringing in the right retail for the right location," Ms. Tantleff said. "Our goal is to bring in businesses that will be successful while improving local quality of life and adding to the vitality of the downtown. In Morristown, for example, signing a well-known local name like Roots Steak House will attract customers from the surrounding area and create more foot traffic that will benefit other downtown businesses."
About Roseland Property Company
Since 1992, Roseland Property Company and its principals have grown to become recognized as industry leaders, having developed over 40,000 high-end residential units, in addition to over 4,000 residential sales since 2004. Roseland has established joint venture partnerships with carefully-selected companies that share its vision for creating residential properties of enduring quality, value and appeal. The collaboration of the industry's most visionary professionals has resulted in such celebrated developments as 40 Park, The Vail Mansion and The Highlands at Morristown Station which have spearheaded the revitalization of downtown Morristown, NJ; Livingston Town Center, the unique mixed-use community of upscale retail, restaurants and residences in Essex County, NJ; and Port Imperial, a dynamic 6,000-unit mixed-use community rising along the Hudson River directly facing midtown Manhattan.
SOURCE Roseland Property Company