'99 Mercer outlook glowing

Mercer Business, Dec 01, 1998

Not to many years ago some naysayers were pronouncing Mercer down for the count, to the background noise of that infamous sucking sound made as jobs and major employers moved away. County Executive Bob Prunetti was one who rejected the gloom and doom scenarists. Now, with new projects arising throughout Mercer County, his faith has been justified.

Money Magazine has pronounced the Mercer area as one of the best communities in the east and, construction-wise, all systems are go.

Among the major projects taking shape is the Trenton arena, a $50 million endeavor, and its companion, a $9 million parking structure. The train station in Hamilton, when completed next year, is expected to alleviate the legendary traffic problems at Princeton Junction. There's major highway construction along Route 29, notably the $50 million tunnel project. And that's just the start.

"We're looking forward to the beginning of the light rail transportation project," says Prunetti. "This line, built by New Jersey Transit, will run from Camden to Trenton. Construction will begin in 1999 and be completed in 2001."

The Route 1 corridor can always be counted on for some activity. For instance, Prunetti notes, there are several hotel projects slated for that road, and there's also the Route 1 Auto Mall, where five dealerships will share 22.3 acres.

New office structures are going up at both Carnegie Center and Nassau Park, he adds. These projects are both in West Windsor, but other areas are gearing up for 1999 development also. Hamilton has announced plans for a 17-store mega shopping center on Route 130, and a Home Depot is planned for a spot just across that road.

While Ewing is currently quiet, there may soon be announcements of projects around the Trenton-Mercer Airport, and at the vacated General Motors plant and the Naval Air site.

Despite some talk of the national economy facing a possible recession in the new year, Prunetti feels that any downturn will merely graze Mercer, with no major damage anticipated.

"Many of our projects are already up and running," he points out. "That will get us through some of the rough spots."

Another hedge factor against recessionary damage is the fact that Merbeing developed, including the first new spec buildings in many years. Class A vacancy rates are around three percent as demand has finally outpaced supply.

Prunetti also advises that residential construction has increased significantly during 1998, with about $33 million worth of new projects scattered throughout the area, many in the perennial favorite markets of Hamilton and West Windsor.

But homebuyers are not the only ones moving into Mercer, the county executive notes. "Thirteen new firms relocated here in 1997 and are now operating. Five of those were foreign firms. It's pretty significant that we're having that kind of expansion."

Mercer's current success can be attributed to a number of factors, Prunetti believes, starting with overall economic conditions in both the country as a whole, and in the state. The business environment in Mercer along with its favorable infrastructure have also played a major role in persuading firms both large and small to locate here, as have the determined efforts of county and state governments in pursuing them.

"The general business aggressiveness and a business environment that's receptive to new ventures, plus our overall quality of life are all factors that led to this expansion of Mercer County in terms of firms relocating here," Prunetti advises.

Within the healthy climate of county economic development, the city of Trenton can be viewed as a microcosm of the entire area. It's currently a busy place, with many new projects already in step, and more planned lot. These projects are a varied lot.

Mayor Doug Palmer views the arena and the planned hotel/conference center as the major Trenton projects for 1999. But other ventures are also springing to life throughout the city.

Trenton is the site of several new residential construction projects, among them the homes at Monument Crossing. These are part of an overall plan to rejuvenate the Battle Monument area, an undertaking that also includes a shopping center and head start school.

"The whole area of Broad Street is being redeveloped," says Palmer, adding that the Trenton Mercer Addiction Science Center is also in the works.

In the area surrounding the new arena, the mayor notes that the presence of a coffee bar and other facilities are in keeping with the goal of developing that region into a tourist destination. The presence of the arena, he says, will encourage further development in its environs.

Mayor Palmer notes that the former Champale site has been cleared, and once the nearby Route 29 tunnel project is completed, he anticipates much interest in that area from potential developers.

Even with so much construction activity, there are still more items on Palmer's wish list, among them increased development around the train station. He would like to see Trenton take advantage of the station's excellent location to bring in private sector companies capable of producing both ratables and jobs.