Triangle Equities along with investment partners Goldman Sachs and Basis Investment Group and co-developer Incline Capital, held a formal groundbreaking ceremony Monday to mark the development of the Crossings at Brick Church Station, the largest-ever real estate community in East Orange.
Located at 533 Main St., the transit-oriented mixed-use development will be built in two phases, delivering approximately 200,000 square feet of retail, restaurants and commercial space, a pedestrian promenade & public plaza, 820 mixed-income rental units and a 1,200-space parking garage. Just a 25-minute train ride via New Jersey Transit to Midtown Manhattan and anchored by a new Shoprite, the first phase of the Crossings is scheduled for completion in the fourth quarter of 2024. More than 85% of the retail space in the first phase is already pre-leased.
“We are looking forward to building a project that we believe will be a catalyst for the redevelopment of this area and provide amenities to a deserving community,” Lester Petracca, president of Triangle Equities said.
Gov. Phil Murphy, Lt. Gov. Sheila Oliver, East Orange Mayor Ted Green and other stakeholders were in attendance at the groundbreaking, as were executives from Basis Investment Group, Goldman Sachs, Incline Capital and PNC Bank.
“New Jersey is the ‘State of Opportunity,’ and it’s fitting that this new development will open here in East Orange, one of our state’s Opportunity Zones,” Murphy said. “The Crossings at Brick Church Station will provide residents the opportunity to find an affordable place to call home and a good-paying new job, as well as access to even greater healthy foods options and public transportation options. I applaud the leadership of Triangle Equities, and the partnership of the city of East Orange, Basis Investment Group, Goldman Sachs and PNC for making this historic investment in the community of East Orange.”
“The Crossings, right in the heart of our Transit Village, will bring the cityness back to East Orange, raise our property values, spur additional investment and essentially improve the city’s overall fiscal and social health,” Green stated. “The ripple effect of this project will certainly be felt by future generations, as it opens up doors for more jobs, entrepreneurship, quality mixed-income housing, new retail and shopping, and a common place for people to meet and experience the best of East Orange.”