Ground broken on Lodi, NJ ShopRite development

Real Estate Weekly, May 21, 2003

State, county and-local officials joined Lodi community leaders to announce-the groundbreaking of the new ShopRite downtown redevelopment along Main Street in Lodi.

The linchpin of future downtown revitalization projects, the ShopRite will serve as a model smart growth redevelopment, providing economic benefits, greater consumer choice and environmental enhancements for the community.

The 69,000-SF ShopRite is a brownfield redevelopment project giving new life to an old factory site. The construction is being designed in accordance with Governor James E. McGreevey's "Smart Growth" initiatives and the borough of Loch's redevelopment plans along Main Street.

"We look-forward to being a good corporate neighbor in Lodi. We are excited to begin construction on what will serve as a pinnacle piece of the Main Street redevelopment puzzle," said Doug Kanter, principal, Crown Properties; LLC, a privately-owned management company whose principals have developed residential, commercial and office developments across the state.

The new ShopRite will generate significant economic growth for Lodi by generating approximately $350,000 in annual tax revenues, and is anticipated to create approximately 200 construction jobs and up to 300 permanent jobs for the community. In addition, the new supermarket will increase consumer choice for local residents, providing price benefits for local shoppers.

In addition, the project is an effective re-use of previously developed land that helps to preserve open space and natural resources in Lodi. The privately-funded brownfield redevelopment project will meet all-Environmental Protection Agency and New Jersey Department of Environmental Protection requirements making this a valuable environmental reclamation project, as well as a new economic engine for Lodi.

The ShopRite is anticipated to open in approximately 18 months.