To: NJIT Faculty, Staff and Students
From: Robert A. Altenkirch
Date: Tuesday, December 8, 2009
Subject: Gateway Project Update
Additionally, JLL has established a joint venture partnership (JV) with a private equity investment and asset management company with interests in a diverse portfolio of commercial real estate, including major urban office buildings, shopping centers and undeveloped land. The JV will be responsible for execution of the Development Agreement with JLL. The Project is planned in three Phases, the first of which entails development of the first phase of a multi-level, structured parking facility on the St. Michael’s parking lot on MLK between James and Orange Sts. for use by St. Michael’s and NJIT and development of the first phase of the Greek Village on the NJIT parking lot bounded by Warren and Colden Sts. and Raymond Blvd. The three Phases are planned over a ten year period.
We will keep you posted on significant Project developments as they occur. Reaching this point in the Project is a significant milestone representing movement to enhancement of the neighborhood next to campus for the benefit of the community and NJIT.