Apr 28 2008
Historic preservation and urban revitalization advocates were among the 150 celebrants at last week's grand opening ceremony for downtown Trenton's landmark Broad Street Bank building, which was restored and converted to a green building with luxurious residential rental apartments with first floor retail spaces. Among the participants were several city and state officials as well as business and community leaders. Following the remarks and ribbon cutting ceremony were tours of the building's energy efficient apartments, including a model unit decorated by architect/designer Gordon Goode, as well the 4,000 square foot roof garden.
Model apartment dining area in the Broad Street Bank
Once on Preservation New Jersey's list of the Top Ten Most Endangered Historic Sites, the building was rescued from a decade of abandonment and neglect by Long Island, NY developer Bayville Holdings LLC which turned an eyesore into a model of adaptive reuse, historic preservation, and sustainable, green redevelopment. Bayville also successfully had the property added to the National Register of Historic Places, making it the first historically designated green building in Central New Jersey.
The new development has 124 one and two-bedroom apartments and over 12,900 square feet of retail and commercial office space. Twenty percent of the apartments are deemed affordable housing and are reserved for working families with incomes below 50% of the area median income. The first commercial tenants include Environment New Jersey and NJ Public Information Research Group and the developer is actively courting a restaurant tenant for its largest retail space.
Market rate apartments range from $925 for a one bedroom to $1,250 for a two bedroom. Base asking rent for the commercial spaces is $18 per square foot gross plus tenant utilities. Because the property was restored with US Green Building Council's LEED certification in mind, utilities for both the residential and commercial spaces are significantly lower than a traditionally constructed building.
The ceremony was presented by the Trenton Downtown Association (TDA) and the Capital City Redevelopment Corporation (CCRC), the nonprofit manager of the special improvement district and the state agency tasked with managing downtown Trenton's redevelopment, respectively, which have joined forces to market the development.
Built in 1900 as an elegant banking and office center, the Broad Street Bank became the city's first "modern" skyscraper and a symbol of the city's prosperity. The construction of the original eight-story structure in the style of Louis Sullivan, built in 1900, was followed in 1913 by a twelve-story addition, and by another 8-story addition in 1923. The additions use architectural details from the original structure so the entire building appears as one cohesive design. The building remains the only example of early 20th century New York School skyscraper architecture in Trenton, as well as the only example in the downtown of French Renaissance architecture.
"In a city that is one of the great historical locations in America, the Broad Street Bank stands tall as a reminder of the many dimensions of Trenton's historical significance and present-day appeal," said Trenton Mayor Douglas H. Palmer of this historic preservation, green building success story. "Today, this landmark building is one of several key elements in a revitalization effort creating a capital city draw for tourism, entertainment, dining, shopping, and, of course, distinctive residential housing. The downtown master plan that we will be issuing soon will underscore the importance of the Broad Street Bank as part of a vibrant area that is attracting investment from businesses and residents alike."
Mayor Palmer also noted that the Broad Street Bank serves as a model of green building consistent with his "Trenton Green" initiative.
Bayville's George Fakiris added that the energy efficient lighting fixtures, appliances, and heat and cooling systems used in the building will mean lower utility bills for tenants. "There is a lot of history behind this building. The building is beautiful. We have spent over $30 million to make it a green building and even more beautiful and sustainable," he said.
"Governor [Jon Corzine is committed to providing 100,000 units of affordable housing for New Jersey residents and Broad Street Bank is one step further towards fulfilling that goal," said NJ Department of Community Affairs Commissioner Commissioner Joseph V. Doria. "This is a great day for Trenton and DCA and the HMFA look forward to being part of a continuing process of making our state capitol a vibrant place to live, work and visit."
"When the history is written about downtown Trenton's revitalization, the redevelopment of the Broad Street Bank building will be cited as one the key transformative moments," said Taneshia Nash Laird, TDA Executive Director. "As a development marketing consultant for the Broad Street Bank building, the TDA is pleased to be a part of downtown Trenton history in the making."
"The Broad Street Bank - Trenton's first skyscraper - is one of the City's most recognizable buildings and has been a symbol of Trenton's history," said CCRC Executive Director Monique King-Viehland. "Today - with the historic renovation of the structure and the conversion to market rate and affordable residential units as well as first floor office and commercial spaces - it has become a symbol of the future...the future of downtown Trenton's revitalization. This is a great place to live for anyone who wants to be a part of both Trenton's history as well as its future."
The Broad Street Bank apartment and retail building, which is being promoted with the slogan "luxury living in a landmark location," is located in the heart of downtown Trenton "One of the 10 Most Walkable Cities in America" according to Prevention Magazine. The building is brisk walk to the Trenton Train Station, a major transportation node consisting of NJ Transit, Amtrak, and SEPTA, as well as the RiverLINE light rail. City Hall and Mill Hill Park, the site of the Battle of Trenton in the Revolutionary War, are all only a block away from the building which is also within walking distance to the State House, State Museum & Planetarium, the War Memorial, the Old Barracks Museum, and the Battle Monument. The city of Trenton is also home to two minor league sports teams -- the New York Yankees-affiliated Trenton Thunder baseball team which calls the Waterfront Park home and the New Jersey Devils-affiliated Trenton Devils which has home ice at the Sovereign Bank Arena.
The stylish apartments feature hardwood floors, oversized windows, high ceilings, private, off-street parking, energy efficient appliances, a tenant-only exercise room with lockers, and a 4,000-square-foot, resident-only roof terrace garden that offers spectacular views of the Capital City.