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Lakewood urban enterprise zone feels spike in new development

Real Estate Weekly, Jan 8, 2003

The recent announcement that Lakewood will soon be home to a new 200-room Hilton Hotel and conference center is just one more indication that the township and its Urban Enterprise Zone have become an enticing place for businesses.

Lakewood is, in fact, the only Ocean county municipality to receive a UEZ designation, and its 2,200 acres of industrial parks, housing more than 300 businesses, comprise the second largest municipal industrial complex in the state.

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Much of Lakewood's economic growth is a result of recent and ongoing development projects. First Energy Park, a $22 million minor league baseball stadium built just two years ago, now houses the Lakewood BlueClaws, which drew nearly 950,000 fans during its first two seasons. These fans, as well as the players from 16 participating league teams, comprise a welcome infusion of patrons for local restaurants, hotels, and other businesses. Nearly half of all game-day employees are Lakewood residents.

Numerous other area improvements are in the works. The historic Strand Theater is in the fourth year of a five-year overhaul. A 1.7-acre downtown site has been converted to a free-parking zone for the convenience of area shoppers. Contracts have been awarded for the reconstruction of Martin Luther King Drive, installation of bike routes, and implementation of several pedestrian improvements.

To handle the upswing in employment opportunities, Lakewood township and the New Jersey Department of Labor have created a JOB LINK program to expedite the hiring process for Lakewood residents seeking employment at UEZ businesses and for business owners seeking help. In addition to pre-screening applicants and setting up interviews based on potential matches, JOB LINK also provides free transportation from downtown Lakewood to businesses within the UEZ zone--including the Industrial Park and First Energy stadium.

Perhaps the largest Lakewood expansion project currently underway is the Cedarbridge Corporate Campus, a 185-acre property being developed into a first-class, mixed-use office park. Work on the Cedarbridge site is scheduled to begin with the clearing of roadways and initial site preparation in March 2003. Groundbreaking is scheduled for early spring.

Under the aegis of the Cedarbridge Development Corporation, this property will have 1.5 million SF of office space designed for uses such as corporate offices, research and development facilities, computer centers, pharmaceutical laboratories, high-technology industries, corporate back-office operations, and headquarters facilities. Onsite amenities will include jogging trails, restaurants, and banking.

This past April, the Lakewood Township Planning Board gave its unanimous approval for Cedarbridge's General Development Plan, detailing the development concept, plans for roadways and infrastructure, preliminary building lot sub-divisions, and construction schedules. Last summer, the project received CAFRA approval from the New Jersey Department of Environmental Protection. The approval includes innovative storm water management design, which will enhance the protection of the wetlands that are being preserved. Also last summer, the Department of Highways began construction of the new Exit 89 off the Garden State Parkway that will provide easy access to the campus beginning in the summer of 2003.

"The Cedarbridge Corporate Campus is within Lakewood's Urban Enterprise Zone, Foreign Trade Zone, and is one of Lakewood's Designated Redevelopment Areas, all of which enhance the park's appeal by providing a number of tax and other business benefits," noted Mayor Raymond Coles.

To prepare for the influx of new jobs, several job-training programs have been initiated. The Cedarbridge Development Corporation has donated money to the Ocean County Community College for scholarships to encourage high school students in furthering their education. To help in the founding of small businesses, the Lakewood Development Corporation is sponsoring an Entrepreneurial Training Institute, an eight-week New Jersey State program for local residents. The LDC is also a sponsor of the Lakewood Micro Loan Program, which provides five-year loans at a 3.5% interest rate. JOB LINK officials, in cooperation with the LDC, are currently working to bring more training programs and initiatives to the Lakewood residents.

"When Lakewood's Department of Industrial Development, now amended to be the Department of Economic Development, was first created in 1971, the goal was to promote economic growth to the benefit of all Lakewood citizens," Coles continued. "The UEZ designation, received in 1994, gave us an enormous boost. Since the establishment of the Industrial Park, more than $6 million has been collected annually in real estate taxes from companies in the Park, hundreds of jobs have been created, and improvements to schools, roads, cultural amenities and the standard of living have been great. The Cedarbridge Corporate Campus has already begun to enhance those benefits. We look forward to continued expansion and prosperity as Lakewood continues on this road of incredible growth and development."

Business Services Industry

Lakewood urban enterprise zone feels spike in new development

Real Estate Weekly, Jan 8, 2003

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