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January 2008 Trenton Lofts Newsletter
Real Estate, Arts & Politics
Dear Dan,
Just a few updates this month:

  • Loft of the month
  • Pied-à-terres in downtown Trenton
  • Unique spaces in Trenton
  • Dan's Plan for Trenton
  • Death By Chocolate
  • Planet Havana Opens
  • One Step Forward, Two Steps Back
Loft of the Month
  Everett Corner, 107 Centre Street, Unit C-3
It's useful to focus, every so often, on the reality of redevelopment in Trenton. Guys with nailguns, paint and sledgehammers are what make it happen. Those guys are busy down on Centre street polishing up old buildings until they're better than new. To rephrase an infamous Trenton politico, "Isn't an old brick better than a new brick?".

C-3 is the last available unit in 107 Centre Street, scheduled for occupancy in the Spring. It's a 1- Bedroom plus Study, 1-Bath.

C-3 features a spacious living space on the 3rd floor, with natural light on three sides. Double, wood-framed glass-doors open to the balcony from the main living area, combining a large living-room/dining area with an open plan kitchen. The cozy study is accessed from the second floor landing. Pre-Construction Base Price: $140,250

Pied-à-terres in downtown Trenton
 
Many folks work in Trenton but live elsewhere, for instance Northern Jersey. The drive home each evening, or worse, the stay in a hotel, gets old. What could be better than to have an in-town place to stay during the week.

Trenton Lofts has two nice maintenance free pied-à- terres tucked away in the heart of downtown, steps away from the Capitol building, all of the state offices and restaurants.

If you know a person who needs a simple space to lay their head in the heart of Trenton. This is perfect for the commuter to Trenton who needs a weekday home away from home.

Unique spaces in Trenton
  Below the radar
One of the great adventures in real estate is to buy a non-traditional property and turn it into a very personal and unique space. Trenton has the advantage of being relatively low cost compared to other areas, which allows people to take these kinds of risks. Some buyers, however, need a unique location for practical reasons such as housing a workspace. Artists often fall into this category.

I've put together a list of a few of these unique spaces that could be made into the next great Trenton space.

Dan's Plan for Trenton
 
I get the "Is Trenton Coming Back?" question all of the time. The correct answer is, "I don't know". Nobody knows because we don't have a way of gauging what "coming back" means. The city administration doesn't measure its success, they simply claim progress every year. Community activists point to up and down crime statistics, but they're only a small part of the story.

Recently, however, the Census Bureau has given us a useful tool to measure the relative economic health of a city, per capita income. We can now compareTrenton's per capita income with other cities in the state and country on an annual basis. This tells us whether we have an economic base that's healthy enough to provide a good quality of life.

In addition to this kind of objective measure, Trenton observers should also compare the strategies (or lack thereof) employed by our leaders against sensible economic development plans.

In the linked article, I provide data that puts Trenton's economy in perspective and I lay out an economic recovery plan that is a model for how to raise our per capita income.

Death By Chocolate
  At Ellarslie Mansion
Saturday, February 9, 6:00 pm "Death By Chocolate" featuring the Sweet Sounds of the Orrin Evans Jazz Trio, desserts, complimentary wine and champagne. Trenton City Museum at Ellarslie. Museum Members $25, non-members $30. Tickets should be purchased in advance via PayPal. 

Go to www.ellarslie.org. Internet sales only, no phone reservations taken.

Planet Havana Opens
  Great new restaurant in the neighborhood
A cool new restaurant, Planet Havana, has opened in the Trenton Makes Complex, that houses the Conduit and is across from the Sovereign Bank arena. The restaurant serves well prepared and tasty Cuban fare including lots of pork, plantains and mojitos. The prices are good, the decor is modern and the table cloths are linen.

Happily the location, 449 S. Broad St., is a short walk from Mill Hill and around the corner from the Trenton Ferry area.

I went to the Grand Opening and Michelle and I have had lunch there once. So far so good. We're going to have a dinner before writing a formal review.

One Step Forward, Two Steps Back
  City approves even more "affordable housing"
A developer has announced plans to build new townhouses and mixed use buildings on vacant lots in South Trenton. The area in question is near the Trenton Ferry development around Asbury St. It's a pretty dilapidated area so this is good news.

However, in the same news story, Trenton has approved yet another affordable housing project. NJHMFA, the misguided state agency responsible much of Trenton's problems, is set to finance a new round of subsidized housing. Their financing amounts to sub-prime loans given to people who can't actually afford a mortgage or or too risky an investment.

Apparently, Trenton can't have enough affordable housing. Even though affordable housing has been shown to have negative economic benefit for the city, we apparently want more. Shame on the administration for not being honest about this, even though it knows we can't afford it.

 

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Trenton Lofts | 324 S. Broad St. | #1 | Trenton | NJ | 08608