2018 already shaping up to be a major year for progress at ON3
2018 is off to a rousing start at ON3, with nearly 600,000 s/f in late-stage negotiations underway at this 116-acre, mixed-use campus redevelopment in Nutley and Clifton, N.J. In the coming weeks, we anticipate announcements for two laboratory/R&D tenants to round out the roster at 111 Ideation Way, and a full-building office lease at 100 Metro Boulevard. We also are seeing a great deal of interest from several major users for the iconic, 15-story 200 Metro Boulevard office tower. This progress follows a year of steady growth at ON3 in 2017. With master planning well underway, the former Hoffmann-La Roche property is positioned to set a benchmark in Walking Urbanism. It promises a world-class, mixed-use setting integrating office and R&D facilities, recreational, hospitality and wellness options as well as all other uses that will comprise the 24/7 environment. The new Seton Hall-Hackensack Meridian School of Medicine – which this month received its preliminary accreditation – is slated to begin moving into its new facility in April. The two buildings being converted for this outstanding anchor tenant are nearing completion and will be ready to accommodate 2018 summer classes. Seton Hall University will co-locate its Graduate College of Nursing and School of Health and Medical Sciences on its 16-acre site as well, and Hackensack Meridian is creating a National Health Institute-designated Clinical Research Center there. Joining the medical school, biofabrication company Modern Meadow in mid-2017 leased and moved into its 73,000 s/f, state-of-the-art laboratory at 111 Ideation Way. A future pilot manufacturing plant will be located there as well. Modern Meadow received a $32 million Grow NJ grant, which was instrumental in drawing this organization from New York to New Jersey. Behind the scenes, a talented and seasoned team has been assembled to oversee day-to-day operations at ON3. This includes several former Hoffmann-La Roche property and facilities management professionals. Their in-depth knowledge of ON3’s sophisticated campus infrastructure and building systems is proving to be invaluable as we move forward. Convenience and accessibility comprised a major ON3 focus in 2017 as well, and we have made great strides toward incorporating on-site bus service that will bring five different bus lines directly into the campus. Additionally, a major ON3 roadway project is queued to commence on March 1. Finally, we continue to enhance the open public dialogue for ON3’s potential future uses as we work to create an innovative, mixed-use lifestyle hub that will best serve New Jersey businesses as well as the regional community. Late last year, we launched a website (www.ON3NJ.com) and social media platforms. These digital tools are designed to inform local residents about the latest redevelopment news at the property. Additionally, in early March we will present a Suburban Revitalization Forum in two parts on-site at ON3. On March 5, “Where People are Choosing to Live Work and Play in New Jersey Now,” will feature Dr. Jim Hughes, university professor and former dean of the Edward J. Bloustein School of Planning and Public Policy at Rutgers, The State University of New Jersey. He will discuss the economic challenges and demographic changes underway in New Jersey. And, on March 8, “The BIG Design & Development Project of the Next 50 Years” will feature Ellen Dunham-Jones, professor and director of the Urban Design Program at Georgia Tech, who will talk about solutions of mixed-use community cases. Even more great things are on the horizon for ON3 in 2018. Stay tuned! Edwin Cohen serves as principal partner at Prism Capital Partners.