PHASE 3 AND PHASE 4 DEVELOPMENT PROPOSAL PHASE 3 AND PHASE 4 DEVELOPMENT PROPOSAL Paramount...

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Transcript of PHASE 3 AND PHASE 4 DEVELOPMENT PROPOSAL PHASE 3 AND PHASE 4 DEVELOPMENT PROPOSAL Paramount...

  • KEARNY POINT PHASE 3 AND PHASE 4

    DEVELOPMENT PROPOSAL

    Paramount Development Group Jinyu Chen, Matt Corcuru, Susanna Domosi, Jennifer Gallino, Romina Trieshi, Collin Whittmann

  • 2 PARAMOUNT DEVELOPMENT GROUP |

    Table of Contents

    I. Executive Summary

    II. Project Objectives

    III. Project Overview (Phase 3&4)

    IV. Phase 3

    V. Phase 4

    VI. Green Infrastructure, Sustainability, Weather

    Resilience (applies to all proposed buildings)

    VII. Traffic Flow/Road Infrastructure

    VIII. Historic Preservation

    IX. Financials

    X. Conclusion

    XI. Appendix

  • 3 PARAMOUNT DEVELOPMENT GROUP |

    I. Executive Summary Paramount Development Group (PDG) is proposing the redevelopment of Kearny Point, formerly known as the Federal Shipbuilding and Drydock Company Shipyard. Located at 78 John Miller Way, Kearny, NJ in between Newark and Jersey City, the site is perfectly situated on a major highway. The location of the development site makes it ideal for redevelopment due to its accessibility. At its peak, between 1917 and 1943, the facility employed 52,000 people and constructed ships faster than any other shipyard in the world. Due to flood damage related to Superstorm Sandy, many of the buildings were vacated or demolished. PDG wants to maintain the site’s historic buildings and transform the former shipbuilding facility into a progressive and forward-thinking space of innovation and job creation. Kearny Point’s redevelopment will create a new destination for New York and Northern New Jersey residents. PDG’s goal for this redevelopment project is to increase economic prosperity by assisting in the creation of up to 10,000 new permanent jobs in Northern New Jersey. Additionally, we are hoping to restore tax revenue in the area and generate an attractive ROI for investors. This will be accomplished by providing opportunities for small businesses, entrepreneurs, nonprofits, and start-ups to have access to high quality and flexible spaces. The campus will also include a mix of office, retail, health care, fitness, hotel, and restaurant space. In addition to financial return and promoting opportunity, another important goal of ours is to build a sustainable and green campus. Amenities will include solar panels, electric car chargers, bicycle paths, green areas, and visible recycling. Kearny Point is a historical site, and we will preserve and celebrate the former Federal Shipbuilding facilities that resided there. The legacy of the local workers and their dedication to building vessels in WWI and WWII will be preserved by having plaques commemorate their contributions. Our vision for the Kearny Point campus is to capitalize on the themes of diversity, history, sustainability, and innovation. The wide range of spaces and amenities, the new development of the campus, and its green and sustainable infrastructure makes Kearny Point a unique destination for redevelopment, as well as an attractive financial opportunity for investors. II. Project Objectives Paramount Development Group shares Hugo Nue’s vision of creating a space that will assimilate with the adjacent community by transforming an underdeveloped and traditionally industrial site into a new destination. To achieve this vision, we have adopted the following objectives:

    • Environmental Sustainability: Across the site, the developers’ main focus is to preserve and enhance the current landscape and ecosystems. By integrating our designs with the overall aesthetic of Kearny point, we seek to achieve LEED v4 BD+C Certifications across the new buildings located in the North and Central basins of the property. The addition of these energy efficient and environmentally focused practices will not only decrease the site’s carbon footprint, but also increase the quality of life in nearby communities.

    • Economic Growth: The location of the site in-between two high-density areas (Newark & Jersey City) and the already proven concept of Building 78 supports our goal of complementing phases 1 & 2 with a mix of new tenants allocated within phases 3 & 4. This will add new jobs to the community and support local business owners by increasing the number of visitors to the vicinity.

  • 4 PARAMOUNT DEVELOPMENT GROUP |

    • Employment Increase: Based on our prospective mix of tenants (retail, office, medical office, and hospitality) across phases 3 & 4, we will add approximately 2,000 new jobs ranging from entry level to highly skilled positions. The tenant distribution is based on the demographics of the area that will support lower-income communities, minorities, and entrepreneurs looking for qualified labor.

    • Weather Resiliency: Superstorm Sandy’s effect on Kearny Point in 2012 proved that properties located near water basins are at high risk of flooding. PDG is integrating solutions that will not only utilize indigenous species of the area but prevent future flooding with a system that will let water in and out with the tides.

    • Education: Hugo Neu’s vision to rehabilitate a low-density area and bring it back to the new millennia reiterates our goal of offering up to date educational programs that will not only engage the nearby communities but will also target diverse needs and interests.

    • Historic Preservation: The rich history of Kearny Point as a shipyard and the important role it played during WWI and WWII is a focal point of the redevelopment project. Our goal is to educate the public about the importance of Kearny Point with an integrated narrative along our buildings.

    • Increase the site’s accessibility and on-site transportation: Although Kearny point is strategically located near major city hubs like NYC, Jersey City and Newark, the current status of the transportation infrastructure needs modernization and expansion. For this reason, we have created a comprehensive transportation solution within the campus and nearby roads to improve traffic flow, ultimately increasing accessibility to important areas in the site.

    • Flexible Infrastructure: Our proposal for Phases 3 & 4 seeks to seamlessly match the current plans of the developer by adding mixed tenants to the rest of the property. Our designs can serve a wide variety of tenants, decrease vacancy rates, and increase the number of potential signed leases.

    III. Project Overview

  • 5 PARAMOUNT DEVELOPMENT GROUP |

    All buildings on the Kearny Point Campus will be Class A and LEED Gold certified (see full details in sustainability section). PDG’s proposed environmentally sustainable infrastructure will set a new standard for Northern New Jersey development. In addition, all structures will maintain an industrial architectural design. The Kearny Point development site is an opportunity zone, which means it is a community where new investments can be eligible for preferential tax treatment. Federal taxes can be deferred on capital gains invested in Qualified Opportunity Funds. In order to reap the benefits of this incentive, our proposal includes large anchor tenants such as retailers, wholesalers, restaurants, a hotel, and a medical/fitness center. Based off of the Floor Area Ratio, our proposal utilizes 70 percent of the buildable square footage in Phase 3. In Phase 4, approximately 25 percent of the area is developed in order to leave ample space for a retail lined promenade and outdoor recreation. In the winter months, this area will turn into a holiday market to showcase local artisans, complete with an ice-skating rink. In the warmer seasons, this promenade will be used to host farmer’s markets to support locally grown food. In order to protect the site from rising water levels and the threats of another superstorm, the ground beneath Phase 3 & 4 will be raised above the floodplain. The current plan calls for the buildings to be built on top of a parking podium with the first level of occupancy being elevated at least 16 feet. We propose improving traffic flow by constructing a direct entrance from Hackensack Avenue to Building 6, and two new entrances to Building 5. Additionally, we propose building an on-campus road, allowing access to the parking entrances to Buildings 2, 4 and 5. Parking for Buildings 1 and 3 will be connected by inner-building roads within the ground floor. According Data USA, a market and demographic research source, Kearny, New Jersey currently has a population of around 42,000 and is expected to grow by 0.39 percent each year. The median annual household income is around $62,000, with a growth rate of 2.50 percent. This yearly increase in both population and income will further support the future retail and restaurants PDG proposes for Kearny Point. Our objective is to develop a campus that is diverse and inclusive. The population residing near Kearny, NJ is largely composed of minorities such as Hispanics and Asians. Creating job opportunities and cultural activities for these groups is an integral goal of PDG’s proposal. By constructing an innovative and eco-friendly development, we are not only raising the standard of living for Kearny NJ, but providing opportunities for those who typically do not have access to them.

    Building Amenities: These amenities will be present in all proposed structures

    Open layout Living walls

    Loft offices Tenant lounge areas

    Shared conference space Smart windows

    Common Spaces High Speed Internet

    Flex space (versatile space catered towards variety of different tenants