We caught up with Andrea Sussman to discuss the Trenton AMTRAK/NJ Transit station solar project.
What does Nexus Properties do?
Nexus Properties is a real estate developer based in Lawrenceville, New Jersey, and we've been in business since 1979. We own, manage, and maintain about 2.5 million square feet of commercial office space, and we also manage approximately 10,000 parking spaces per day. We lease to the federal government, the state government, and private sector clients. In addition to that, we do joint ventures with New Jersey Transit and various train stations, and we also build parking decks. I would say we're a multi-faceted development company.
Can you tell our readers about the solar project at the Trenton AMTRAK/NJ Transit station?
We have two parking garages at the Trenton train station, and we decided that we wanted to go green. We applied for a grant from the Bureau of Public Utilities and received about $1.2 million, which was part of the process. It cost about $3.6 million.
Not only are we building the solar panels for the energy—which will be saving quite a bit of power—but we will also eventually have the ability to charge electric cars under the panels of the roof. People can take the train by day, and when they come back at night, their cars will be recharged. Additionally, the power that we’ll get from the solar panels will be more than what we'll need, and we’ll actually be able to sell it back to PSE&G.
Are there any other projects that you would like to talk about?
We're starting a huge project that we're about to kick off at the train station called Station One. We are planning two, 20 story office towers with about 1.2 million square feet of space, as well as a 2,400 car parking garage, 100 units of housing, and 30,000 square feet of retail. The office buildings will be LEED certified. We’re going through the approval process now, and of course, we're going to be using the Urban Tax Credit Bill for these buildings.
What is the Urban Tax Credit Bill?
The Urban Tax Credit Bill has basically been proposed by Gov. Corzine, and it has been approved by legislation to assist and incentivize certain inner city transit village stations, Trenton being one of them. New businesses coming into the state with at least 250 jobs and $75,000,000 in ratables can qualify for the tax credit. Tax credits will be tremendous; it's the equivalent of having free rent for about eight to 10 years.
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