Warehouse complex expected to drive tax revenue, jobs by ProQuest

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									                Real Estate
Warehouse complex expected to drive tax revenue, jobs
But project is challenged by weak demand for new space                                                        vacancy rate in Burlington County has      Interchange 6A on the Turnpike.                    ant interest, it’s going to be a challenge.”
                                                                                                              risen from 6.5 percent to nearly 10 per-         But the high amount of vacancy               The developer said he is prepared to
             By eVeLyn Lee                      and generate an estimated tax revenue                         cent in the last two years, he said.       in the area will make it difficult to              pay with his money for the construc-
A PrOPOseD warehouse and distri-                increase of $1.72 million, according to a                           Rick Cureton, president at Del-      obtain financing for the project, he               tion of one speculative building, as well
bution complex that would front two             study prepared in February by French                          ran-based industrial developer White-      said. “It’s an enormous challenge in               as initial site and infrastructure work.
major highways is expected to bring             & Parrello Associates P.A., a wall                            sell Construction Co., said he expected    that they have to convince a lender                      “we’ll do what we have to do to
new tax revenues and jobs to a largely          Township-based engineering firm.                              the project would be successful in the     that now’s the right time to get ready             get that done to generate some financ-
rural township in Burlington County.                  Margolis, who said the proj-                            long term as a distribution site for the   for a shift in the marketplace.”                   ing opportunities,” Margolis said. “To
But a lengthy approvals process, high           ect would also generate hundreds                              mid-Atlantic region, and would likely            Margolis acknowledged that “until            get the project started, if it takes my
industrial vacancies and financing              of permanent and construction                                 be a competitor to whitesell’s Haines      we get a little further along and get              cash to do it, that’s what I’ll do.” u
challenges could be stumbling blocks            jobs, hopes to break ground within                            Center, a 4 million-square-foot, 800-      approvals in place, and get some ten-                               E-mail to elee@njbiz.com
in getting the project off the ground,          18 to 24 months, provided the state                           acre industrial park at route 130 and




                                                                                                                                                                                                                                                        Courtesy of KSS Architects
said industry insiders.                         Department of environmental Pro-                                                                          The proposed project will be made of structured



                                                                                                Christina Mazza
      Margolis Enterprises, a Boca              tection approves Mansfield’s amend-                                                                       or pressed concrete, have rooftop solar panels
raton, Fla.-based real estate develop-          ed wastewater Management Plan.                                                                            and energy-efficient windows.
er, plans to construct the four-build-          Mansfield submitted its application
ing, nearly 2 million-square-foot Mar-          to amend the plan to the DeP on Oct.
golis warehouse Distribution Facility           5, according to French & Parrello. The
on 200 acres of farmland and vacant,            plan includes the warehouse project,
undeveloped land in Mansfield.                  for which Margolis proposes to pro-
      “This warehouse would be even             vide an on-site treatment facility and
more geographically desirable than              ground disposal system, increasing
what you might find in other areas of           the on-site disposal there to more
the state,” said township administrator         than 20,000 gallons a day.
Joseph Broski. He said the site is bor-               Aside from the approvals pro-
dered on two sides by the New Jersey            cess, the project faces opposition from
Turnpike and I-295 — which runs from            a neighboring day camp owner who
a junction of I-95 near wilmington,             says the development would negatively
Del., to a junction of I-95 at Lawrence.        affect his business and cause environ-
The property is located just south of           mental problems, such as flooding.
exit 52 of I-295, and less than a mile                The lack of demand for new ware-
from Interchange 6 of the Turnpike.             house space also is an issue, Policarpo
                                                                                                                                                                                                            Margolis Enterprises plans to build a 2
      “It’s an ideal development site,”         said. The Interchange 7A submarket,
                                                                                                                                                                                                            million-square-foot warehouse distribution
                                                
								
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