The Campus Town ProjectSlated for occupancy in the fall of 2015
The College of New Jersey has partnered with The PRC Group, located in West Long Branch, on a mixed-use development named “Campus Town.” Utilizing the public-private partnership provision contained in the New Jersey Economic Stimulus Act of 2009, the Campus Town project will include the development of approximately 12 acres of property adjacent to TCNJ’s Ewing campus along Pennington Road. It will create approximately 278,000 square feet of housing and amenities, including approximately 195,000 square feet of living quarters with the capacity to house 446 students.
In addition to augmenting and enhancing the living-learning environment TCNJ provides for students, Campus Town will deliver amenities that will appeal to the broader College and Ewing communities, such as retail stores and restaurants. Campus Town is envisioned to be a sustainable, walk-able and environmentally responsible complex located on the edge of TCNJ’s campus.
A feasibility study conducted in 2009 concluded that the Campus Town project was not only feasible, but that it had the ability to generate revenue for the College and enrich the College and local communities. TCNJ seeks to strengthen the college-community relationship by promoting community use of the development.
Slated for occupancy in the fall of 2015, the project is estimated to require an investment of roughly 85 million. The PRC Group, a multi-faceted regional real estate owner, developer and services provider, will assume most of the financial obligations associated with the project and lead the development of the land. The PRC Group will also handle property management with the support of residential and retail specialists unaffiliated with TCNJ housing programs. In addition, the West Long Branch-based company will provide TCNJ annual rent in a ground lease term of up to 50 years.
The Groundbreaking Ceremony
In 2009 the NJ Legislature passed and the Governor signed into law the “New Jersey Economic Stimulus Act of 2009”. Among other things, this law amended public higher education status to permit a New Jersey State College to enter into a public-private partnership agreement, subject to requirements and approval of the New Jersey Economic Development Authority (NJEDA), enabling private entities to perform on-campus construction projects.
As a result, The College of New Jersey reached out to developers to design, finance, operate, maintain and own a new student residence hall and retail stores.