Weekly Real Estate News
The 133-acre site of a defunct New Jersey hospital has received approval to become a $350 million mixed-use development with 1,005 apartments.
NJBiz.com reports the City of Orange approved a plan to renovate the former Orange Memorial Hospital into a new development with a residential component featuring up to 20% affordable units. Tenant amenities will include a rooftop pool with fitness rooms and an event space plus 200 electric vehicle charging stations, while public-facing amenities will include an outdoor ice/roller skating rink, a restaurant with al fresco optionality and a children’s play areas.
The development will also feature more than 70,000 square feet of retail and commercial space, of which 25,000 square feet is earmarked for local municipal government space. Gateway Merchant Banking is leading the development, which will be designed to meet LEED silver construction standards.
The nine-building Orange Memorial Hospital District is on both the state and national historic registries, but the site has been vacant since 2005. Orange Mayor Dwayne Warren noted the redevelopment of the site “will be enhanced by citizen input and the thoughtful building plans. The final project will stimulate growth and become an integral part of the residential and commercial life of our city.”
Photo: The former Orange Memorial Hospital redevelopment site, courtesy of Gateway Merchant Banking
