Update April 19, 2009

This project is most certainly dead. I'll leave the listing so as to memorialize the Bell Building which still have wonderful loft potential.

Update from the Trenton Times on the Trenton Town Center Project (5/13/2007)

"Builder bemoans lack of progress"

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The Bell Building is a 7 story former AT&T Central office on E. State St. near Montgomery. The building has been vacant for years and has seen several aborted development attempts.

The city has given development rights to Full Spectrum NY for the entire block between E. State, N. Montgomery and E. Hanover. The site includes the Bell Building.

The developer plans to add 3 stories to the 7 story Bell Building and build an extension. They're planning a 20 story retail, office and residential building. They plan another mid-rise build and townhouses. In the interior of the development will be a 3 story parking garage with green space on the roof.

The project (as of now) calls for 304 condos, quite a bit of office space and 66,000 SF of retail space. The price tag for the development is $179M.

It's ambitious.

The developer presented to Trenton's planning board on Nov. 28. This was a preliminary hearing but some concerns came up. Most notably the parking situation seems dubious. Owners will not have assigned spaces nor will office tenants. Worst of all, there will be no parking for retail and office customers. The developer's previous experience is in NY and a little in Houston. Maybe customers in those cities don't travel by car. They do in Trenton.

The other issue is the developer's focus on affordable housing. Politicians and activists in Trenton love it when developers pitch affordable housing. They think they're getting something for nothing. The developer doesn't really have any firm plans so it's possible that they'll back off of the affordable housing (read using federal funding to pay for lofts for people who can't really afford them). Affordable housing in this prime location forestalls real value creation and places a burden on the city (additional services for low income families) that we can't afford.

As time goes on trentonlofts.com will get involved in helping the developer find buyers that want upscale lofts at affordable prices. Certainly the Bell Building will have lofts with big high ceilings. The tower will have glass walls and commanding views all the way to Philadelphia. All of the units are a quick walk to the train station and to Trenton's downtown amenities.