This unique, upscale residential community
blends single-family townhomes and luxury rental apartments with
some of the city's finest restaurants. Riverwatch is located in
a once blighted, post-industrial neighborhood in close proximity
to the city's commercial and cultural district. The market-rate
apartment buildings integrate the historical architecture of the
area and have been leased to full occupancy since opening day. Through
the Riverwatch development project, Devco has restored residential
life to downtown New Brunswick, bringing more than 500 new residents
to this center city neighborhood. This new community in the urban
core has produced a vitality essential to successful urban revitalization.
The residents of this neighborhood have reinvigorated a dormant
consumer base, and through increased pedestrian activity, have helped
make the city safer.
completion
: July 1999
location : Hiram Market, situated near
central business district
between Neilson Street and Route 18
size: 199 market-rate apartments in
three buildings;
30 townhouses
occupancy: market-rate owners and residential
leasing tenants
developer: Devco and the Applied Companies
architect: Phase I - Beyer, Blinder
& Belle Architects
Phase II - Minnow & Wasko
construction manager: AJD Construction
Company
investment: $25 million
financing: UDAG,
FHA Loan Program, AFL-CIO Pension Fund, PNC Bank,
New Jersey HMFA Downtown Living Program, Private Equity