Nutley Approves ON3 Phase 2A Redevelopment Plan
Published on Aug 08, 2018 at 02:40p.m.
On Tuesday, August 7th the Nutley Board of Commissioners approved the Nutley Phase 2A Redevelopment Plan with Prism Capital Partners. Phase 2A subdivides a portion of the former Roche property into three separate parcels for each of the existing buildings (100 Metro, 200 Metro and Building 102) on the Nutley side and creates an additional lot (Lot V). Lot V will contain a parking deck and courtyard to service both 100 and 200 Metro Boulevard. The Redevelopment Plan establishes the Land Use, Bulk Standards, Design Criteria, and Building Requirements on 11.88 acres of the ON3 campus in Nutley named Project Area 2A.
The passage of the Phase 2A Redevelopment Plan paves the way for the occupancy of 100 Metro by the Ralph Lauren Corporation. Ralph Lauren signed a lease with Prism on July 3rd bolstered by a Grow NJ grant of $33.1 million in tax credits which was approved by the New Jersey Economic Development Authority (NJEDA). The company, headquartered in Manhattan, plans on retaining 518 jobs in the state and creating an additional 250 jobs. Occupancy is expected by the end of 2019.
“The entire Board of Commissioners have worked hard to ensure that the re-development of the former Roche campus will provide an immediate economic boost, while providing opportunities for additional future ratables,” said Scarpelli. “I am thrilled that Ralph Lauren will be joining the Hackensack Meridian School of Medicine at Seton Hall and Modern Meadow in making Nutley their home.”
The School of Medicine, Seton Hall’s College of Nursing, and SHU’s School of Health and Medical Sciences are educating their students in a unique interdisciplinary curriculum. This partnership is providing a world class education for all students on a state-of-the-art Interprofessional Health Sciences campus located in Nutley and Clifton.
The school, which is the only private medical school in New Jersey, is the centerpiece of the former Roche site. Prism Capital Partners purchased the entire 116 acre campus in October 2016. Prism has taken steps to convert the ON3 campus into the premier commercial property in the state.
“During the past two years many pieces have begun to fall in place to start the transformation of the former Roche campus. I am confident that these positive changes will invigorate our local economy and increase our property values,” said Scarpelli. “We are optimistic that in the very near future there will be 2000-3000 people in and out of the facility on a daily basis.”
In the summer 2017, Modern Meadow a bio-fabrication company that produces bio-manufactured leather was the first tenant to move onto the ON3 campus. They occupy 73,000 square feet of Building 102, a research and development building on the eastern part of the campus. Their relocation from Brooklyn was helped in part by a Grow NJ grant of $32 million in tax credits which was approved by the NJEDA. Modern Meadow plans to add 200 employees by 2020.
This week Hackensack Meridian announced the opening of their Institute for Multiple Myeloma located at ON3. The Institute will be conducting cancer research on the top floors of Building 102 to support Hackensack Meridian’s clinical partnership with Sloan Kettering. Also in Building 102, the NJIT Innovation Institute’s gene cell therapy laboratory will be leasing space.
Quest Diagnostics will also be relocating to ON3 in Clifton in a new 250,000 square foot facility, also supported by a NJEDA grant.
“The ON3 site is fast becoming an exciting, unique life science, education, research, and international design innovation hub with the co-location of the School of Medicine, Modern Meadow, Ralph Lauren, Hackensack Meridian cancer research, Quest Diagnostics, and the NJIT Innovation Institute all on the campus,” said Mayor Scarpelli. “These welcome additions to ON3, besides filling four of the five vacant buildings left upon Roche’s departure, will definitely create quality job opportunities for our residents.”
The re-development of the ON3 campus should help Nutley re-coup some the $10 million in taxes that Roche was paying before it ceased operations in 2013. Since that time, Nutley was able to negotiate with the state to secure transitional aid which helped offset some of the loss in revenue caused by Roche’s departure. New development in town, although controversial, has added over $80 million in accessible value and increased revenue by $2.2 million. The transitional aid coupled with the new development has avoided what could have been devastating consequences for Nutley taxpayers.
“The untold story is how the Board of Commissioners have worked together to help manage the loss in revenue, lobbied the state to secure state aid, controlled spending, and have weathered the storm. We get criticized at times, but I don’t think most residents appreciate the complex, multiple issues the Board has been dealing with the last few years. I am proud to serve with these 4 dedicated public servants and excited about the future of our Township,” concluded Scarpelli.More: Home News