Rendering of the medical office building planned for the Rothman Institute at Washington Square Town Center, Washington Township, NJ
WASHINGTON TOWNSHIP, NJ— Atkins Companies and Woodmont Properties have formed a joint venture to develop Washington Square Town Center, a mixed-use redevelopment project approved for 260 luxury rental apartments, 100 town homes, a 40,000 square foot medical office building, 30,000 square feet of retail, 110-unit assisted living facility and 70 affordable rental apartments in Washington Township, Gloucester County.
Over the last eight years, Atkins Companies and Woodmont Properties, joint venture partners, obtained approvals for the development of this new town center, including successfully negotiating a 25-year “payment in lieu of taxes,” or PILOT, tax abatement with the municipality. The partners closed title to the project in April 2017. The two firms are both clients of Mandelbaum Salsburg, a Roseland, NJ-based law firm, which helped organize the joint venture.
The apartment community will also include a clubhouse, including a leasing and management office, state-of-the-art fitness center, pool and sundeck among other amenities. The medical office building component is a class-A building, being joint ventured with Rothman Institute, a large orthopedic practice in Philadelphia and South Jersey with more than 100 doctors and 20 locations. The 40,000-square-foot building will serve as the flagship location for the Rothman Institute in South Jersey. Rothman has already signed a lease to occupy the entire 20,000 square foot second floor of the building for an initial lease term of 20 years.
The retail component of the project will consist of 30,000 square feet in three 10,000-square-foot buildings adjacent to the medical office building. Atkins and Woodmont closed title with an assisted-living developer to construct a 110-unit facility.
Previously, Mandelbaum Salsburg introduced Woodmont Properties to a 300 unit multi-family project in Mount Arlington, New Jersey which is nearing completion. Atkins Companies had owned and secured the approvals for the project and joint ventured it with Woodmont.