Jose Diaz' Interiors x Appointment crew, along with Jesse Elliot and Roland Pott at Sterling Building today!

Photo Credit: Dion Bryant, Jr.

We now have revised drawings from our structural engineer and a commitment for financing from First Choice Bank for the renovation of the first floor of the building. Contractor Jose Diaz has met with City Building inspector Joe Pratico and we are prepared to submit the plans to the City for review. As soon as permits are issued, we will close the construction financing and begin work on the building.

Update on Sterling Building

It has been a while since I have posted, but I wanted to publish an update on the status of this project. In many ways, the status is reflective of the general economy and status of many urban development projects in Trenton and other towns, but my team and I have been working to come up with some options for the project and a way to keep it moving forward.

After our team completed a set of fully engineered plans this past Spring, we sent it out to bid. We received two quotes from general contractors and both were between $700,000 and $800,000, not including architecture, engineering, acquisition, environmental and holding costs. Since I believe that in this market, I could sell the 3 proposed units for about $600,000 less selling costs after renovation, the first vision for the project is not feasible. Since then, my team and I have worked on some cost saving versions and we have also looked at a new approach to the project. The approach that makes the most sense at this time is to renovate the first floor retail space such that it meets the current market for retail space in the immediate area and leave the renovation of the upstairs space for a later date. We are receiving some new quotes that make this approach look feasible and I have had a number of showings to potential commercial tenants. I am quite confident that we will have a signed build-to-suit lease and signed construction contract in the near future.

Other updates on the project:
1) We hired Jeffrey Hall from Fox Rothschild to complete a tax appeal. Jeff did an excellent job working with the smart, tough and fair group of people at the City of Trenton Tax Assessor's office, and we received a judgment from the Mercer County Tax Board lowering the assessment to $63,800, which was a 37% decrease. Note that the equalized rate in Trenton is currently 66.52% so the market value per the settlement was $101,924 (or approximately $18 per SF) as of 2009.
2) I have listed the property for sale with Segal Commercial Real Estate for $129k. This price includes the plans and selling costs as well as the environmental documentation on the property from Brinkerhoff Environmental Services. Although my primary goal is to renovate and lease the property, I am open to selling it to someone that has a vision and an implementation plan for the development of the property. Sometimes it makes more sense for an owner-user to take on a project like this. (Note: I am agent with Segal Commercial Real Estate and I also own an interest in the property).

More updates to follow!

Groundbreaking Ceremonies

We've put together several clips from the Groundbreaking Ceremonies held last Wednesday at the Sterling Building. We hope you enjoy, and we look forward to updating you on the building's progress throughout the next stages of development!

Groundbreaking 1/27/10

At today's groundbreaking for Sterling Building, holding compact fluorescent lightbulbs (from left):
1. Florence Block, Executive Director of the New Jersey Chapter of the US Green Building Council
2. Liz Tindall, Vice President of the Mercer Regional Chamber of Commerce
3. County Executive Brian Hughes (County of Mercer)
4. Developer Roland Pott, Managing Member of Urban Word, LLC
5. Mayor Douglas Palmer (City of Trenton)
6. South Ward Councilman George Muschal (City of Trenton)

STERLING BUILDING's Planned Sustainable Features

STERLING BUILDING IS REGISTERED WITH THE U.S. GREEN BUILDING COUNCIL (USGBC) AND IS SEEKING LEED® CORE & SHELL SILVER CERTIFICATION

• ON-SITE RENEWABLE ENERGY – ROOF-TOP SOLAR ENERGY SYSTEM

• CONSERVING RESOUCES BY RE-USING THE EXISTING BUILDING STRUCTURE INCLUDING FLOORS, ROOF DECKING, EXTERIOR BUILDING SKIN

• PROXIMITY TO PUBLIC TRANSIT AND PEDESTRIAN ACCESS TO NEIGHBORHOOD SERVICES – REDUCING AUTO POLLUTION

• EXISTING BUILDING REHAB – REDUCES POLLUTION AND PRESERVES UNDEVELOPED LAND

• MAXIMIZE BUILDING INSULATION IN ROOF AND WALLS REDUCING ENERGY CONSUPTION

• OPTIMIZED ENERGY PERFORMANCE VIA BUILDING SYSTEMS AND APPLIANCES

• BICYCLE STORAGE IN BUILDING

• SHOWER AND CHANGING FACILITY IN BUILDING

• USE OF MATERIALS WITH HIGH RECYCLED CONTENT FROM REGIONAL SOURCES WITHIN 500 MILES OF PROJECT

• SUSTAINABLE FLOORING CHOICES INCLUDING RAPIDLY RENEWABLE BAMBOO AND LINOLEUM AND CERAMIC TILE WITH RECYCLED MATERIAL

• LOW V-O-C EMITTING MATERIALS INCLUDING PAINTS, ADHESIVES AND SEALANTS, FLOORING AND COMPOSITE WOOD

• EXTENSIVE USE OF WOOD-BASED MATERIALS AND PRODUCTS THAT ARE CERTIFIED IN ACCORDANCE WITH THE FOREST STEWARDSHIP COUNCIL’S PRINCIPLES

Sterling Building in the 1950's

This image, obtained from the wonderful Trentoniana collection at the Trenton Public Library, shows the Sterling Building as it was over 50 years ago in the mid to late 1950's.

From our research on the property, it appears that Albert & Sadie Goldstein owned the building at this time.

We hope to see some familiar faces at next week's groundbreaking on Wednesday, January 27th, marking a new era in the development of the Sterling Building!