RACER Trust Completes Sale of Property in Ewing Township, N.J., to Parkway Town Center Urban Renewal, LLC
Mixed-Use Project Expected to Include 1,182 Residential Units, Retail, Office Space
RACER Trust today announced it has completed the sale of a former industrial property in Ewing Township, N.J., to Parkway Town Center Urban Renewal, LLC (“PTCUR”), which plans to transform the property into a large-scale, mixed-use development known as Ewing Town Center.
The development will result in a new town center for Ewing Township, with 1,182 residential units and nearly 110,000 square feet of retail and office space. Construction is expected to begin immediately, with the project scheduled to be built in five phases beginning with 164 residential units and community green space.
The 80-acre property formerly was used for auto parts manufacturing before operations ended in 1998. RACER Trust worked diligently to address environmental impacts at the site to prepare it for redevelopment and reuse.
“We are very pleased to have sold this property to a company with demonstrated development success over many decades, and look forward to what is sure to be a transformative project that will provide new housing, job opportunities and other benefits for the community,” said Elliott P. Laws, of EPLET, LLC, administrative trustee of RACER Trust. “The RACER team worked very closely with PTCUR, the New Jersey Department of Environmental Protection and community leaders over time to make this transaction possible, and I thank everyone involved for their commitment and determination.”
“Redevelopment and reuse of the former Delphi-Trenton property has long been a priority of my administration, and I could not be more pleased to welcome this important project to our community,” Ewing Township Mayor Bert Steinmann said. “Ewing Town Center will be a gem in and of itself, but it also will create opportunities for new investment and jobs elsewhere in the township. This is a great day for Ewing Township.”
About RACER Trust: RACER (Revitalizing Auto Communities Environmental Response) Trust was created to clean up and position for redevelopment properties and other facilities owned by the former General Motors Corp. before its 2009 bankruptcy. RACER is one of the largest holders of industrial property in the United States, and when it was formed was the largest environmental response and remediation trust in U.S. history. When the Trust was formed, it owned properties at 89 locations in 14 states, principally in the Midwest and Northeast. The Trust was created by a settlement agreement in the U.S. Bankruptcy Court between the U.S. Government, the 14 states where the former GM properties are located, and the St. Regis Mohawk Tribe, which owns land adjoining one of the properties in Upstate New York. For more information, please visit our website: www.racertrust.org.