370-Acre JV Land Buy to Facilitate New Jersey Mixed-Use Project
- Jan 09, 2008
A 370-acre site in Harrison Township, N.J., will soon become the home of the mixed-use Richwood Village, now that Madison Marquette has partnered with Canuso Communities to acquire the land and construct the sprawling commercial and residential development, which will boast a location about 20 minutes outside of Philadelphia. The Richwood Village, also offering the convenience of sitting about an hour northwest of Atlantic City, will encompass a 300,000-square-foot town center, as well as an aggregate of as much as 700,000 square feet of office, commercial and additional retail space. Residential offerings will consist of 1,200 single-family, townhomes and multi-family unites. Plans to incorporate a new elementary school into the project are also being considered. Before bringing Madison Marquette on board to invest in the land and develop The Richmond Village’s retail component, Canuso got a head start on the project with the amassing of requisite land parcels, as well as the acquistion of various entitlements. Madison Marquette and Canuso anticipate that, given that The Richwood Village sits within close proximity to Philadelphia and about an hour from Atlantic City, the project will attract residences, businesses and visitors from across Southern New Jersey and beyond.Additionally, demand for residential and retail is expected to increase with the expansion of nearby Rowan University, scheduled to double in size, and the development of the 1.5 million-square-foot South Jersey Technology Park. If all goes as planned The Richmond Village will reach completion in the fall of 2010. Headquartered in Washington, D.C., Madison Marquette develops, operates and invests in retail and mixed-use properties across the U.S. The company oversees a retail portfolio totaling approximately 23 million square feet. New Jersey-based Canuso Communities is a 40-year-old family-operated development company that has produced over 7,000 residences and 2 million square feet of office and retail space.