News from Trenton Lofts
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November 2005 Trenton Lofts Newsletter
Dear Dan,
A few lofty developments and an article on investing in Trenton
Update on The Whittaker
    Working its way through the process
The Whittaker has made it through The Landmarks Commission, the next step on the path to approval. Even though The Whittaker is being built on empty land (with the exception of one building that a stiff breeze could push over) it has to be reviewed because its in an historic district.

I wasn't able to make the meeting but many of my Mill Hill neighbors did and from all reports there was a lot of support for the project. Architect Frank Moya is winning over the community which is significant given the developer, Michael Fink is such a scoundrel. (some day I'll stop complaining about Leewood Devopment and Fink, but not just yet).

No news on schedules, prices and floor plans yet. I would assume that the developer will want to pre-sell the units but I'll let you know. If they do, I'm sure they'll easily sell out just like all the other new construction in Mill Hill has.

Adams One goes rental
    A new rent to own program
Here's some big news on the loft front. The developer for the Adams One project is now offering the units as rent to own. Rents are between $850 and $950 As rentals, these should go fast. To my knowledge, there aren't any other new construction rental units available in Trenton at least until Peace Street is done.
Mill Hill House Tour
    Get to know Trenton's renovation neighborhood
The best way to see Trenton's most renovated neighborhood is the annual Mill Hill house tour. It's coming up on Dec. 3rd. Each of the 20 or so houses on the tour is elaborately decorated for Christmas and this year will be sponsored by local eateries. The tour raises money for the Mill Hill civic assocation to fund neighborhood improvement.

Most of the houses aren't lofts but there's a possibility that one of the lofts from the Labor Lyceum will be on the tour. Also, the Mill Hill neighborhood anchors much of Trenton's future loft development. For instance the Broad Street Bank building and the Bell Building are one block away from the Mill Hill Playhouse where house tour check-in is located. Anybody there can point out the buildings. The site for the Whittaker is on S. Broad St., again anybody on the tour can point it out. My project at 324 S. Broad is nearby (not much to see there yet). Even the Caola building which reportedly will house a luxury loft or two is within eyesight of the Mill Hill Playhouse.

You don't want to jump into living in Trenton without trying it out a little bit. The Mill Hill house tour and Trenton-2-Nite are great ways to do that.

The Cigar Factory
    176 Division
One of the newest projects on the horizon, the distant horizon, is 176 Division St. in Chambersburg. This will be a classic loft project set in a building that's most recently been used as a furniture warehouse, but more interestingly as a cigar factory.

This is another Dan Brenna project but isn't ready for marketing. Dan's promised to get me the info as soon as it's ready, so stay tuned to trentonlofts.com.

Peace St.
    Still not done again
My patience with my contractor has worn out. This project was supposed to be a simple gut-rehab but it's dragged on and on. The good news is that the tile is in the bathrooms, the plumber is finishing his part and the paint is ready to go. The countertops and doors are being constructed and the hardwood is ready to install.

So when's it going to be done? Hopefully by 12/15.

Investing in Trenton
    My opinions for what they're worth
There are two types of investor in the Trenton real estate market: developers and speculators. I'm a big fan of the developer and am reserving a special place in real estate hell for the speculator. A developer buys a piece of property and invests real money, let's say more than 20% of the value, into improving it. Through their efforts they raise the value of properties surrounding their own thereby creating a multiplying effect.
Trenton 2 Nite
    At least one night a month Trenton is hopping!
I ask my New York friends what's so great about NYC that would cause them to pay $600,000 for a 600 SF studio. The reasons generally get around to restaurants, museums and entertainment. Then, in the next breath, the New Yorker starts complaining about how expensive it all is.

My vision for Trenton is for it to be a small city roughly double its current population with enough cool spots to keep an energetic city dweller happy but not too much so you never know your neighbors. This is ambitious but the Trenton Lofts movement is part of making it happen.

However, at least one night a month Trenton is already the most happening spot in central Jersey. Trenton-2-Nite happens the second Friday of every month rain or shine. It's become somewhat of an institution and I've written about it in this space before.

Last Friday was something special though. On a mild November evening Trenton played host to five free jazz concerts, three of them with free food and drink. When was the last time that happened in Princeton?

Michelle and I started the evening at The Trenton City Museum where Doris Spears was giving a free concert along with Joe Zook. Next, we went to Gallery 125 on S. Warren for some more blues and a new gallery show of American themed art. Maxines 2 across the street had a band. The Gallery on Lafayette, around the corner had a singer and the usual hors d'oeuvres and wine and the Marriott had jazz in the Archives Bar. Each of the venues drew big crowds which made for quite a festive evening in Trenton. After a night like that you're thankful that you live in the city and aren't facing a long drive home to the suburbs.

Trenton-2-Nite started as an effort by downtown merchants to bring people into the city at night. The Trenton Downtown Association has taken over management of the event and has done a lot to make it bigger. For us Trenton regulars, its become a monthly social hour were we count on seeing all of our friends. Like I said, Trenton can be cool without the impersonal scale that you'd have in that other city.

Bell Building
    Developer going to planning board
The Mayor certainly made a big deal about this project in his "State of the City" address, hopefully it's real. The project as outlined is easily the largest development Trenton has ever seen. So far I've not heard any mention of an affordable housing component so that's good (and the Mayor would have mentioned it). Also, I don't know how many units will be for sale vs. lease.

Here's what I do know. One of my sources tells me that the project is going before the planning board on November 28 at city hall. Hopefully I can make the meeting to see how much substance there there is behind this grand plan.

 

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Trenton Lofts | 507 Grand St. | #2H | Trenton | NJ | 08611