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

  • Tenants in Broad St. Bank
  • Breaking News
  • Cracker Factory Construction
  • Passage Theatre Solo Flights
  • Real Estate Investor Club
  • Trenton Lofts backs county candidate
  • Trenton's budget debacle
Celebrity moves in to Broad St. Bank
  Meet Gail Johnson
I met Gail Johnson last Friday night, who in one evening has become a minor celebrity in Trenton. You've never heard of Gail? Well you're behind the times in Trenton real estate.

Gail is one of the first tenants in the much delayed Broad St. Bank building. I was introduced to her at the launch party for Councilman Jim Coston's SouthTrenton.com web site. The party was held at the EFK Group's building in Chambersburg. EFK is the full service ad agency that built Jim's site. Almost more interestingly, they have bought and renovated one of the coolest buildings in Trenton, the former Peddy Madden Organ Factory at 1027 S Clinton Ave.

Long time Trenton Lofts friends may remember that Michelle and I were pursuing this building, and in fact, formed the original Trenton Lofts site and list in order to find potential loft owners to help us finance and develop the building. EFK outbid us, and though we'd have loved to live in the building, EFK has done a great job renovating and is a wonderful addition to Trenton's business community.

Back to Gail though. Ms. Johnson works at Princeton University and was looking to downsize from her big Victorian in Princeton as part of her "self described mid-life crisis". She was looking for a "Bachelorette Pad" high up and with a view. After having her deposit in with the developers for a year, she's wound up with what a common friend calls the best unit in the building.

Gail is on the 9th floor in a 2 bedroom. This is the same floor as BSB's fabulous party deck . I asked her what her favorite thing about the building is and she quickly said that it was the scale. She says she's got room to spread out and the ceiling heights are great. Ms. Johnson can't say enough good things about the building and as an added bonus thinks her heat and air bills will be next to zero due to the great insulation and the ultra-efficient HVAC system. I can attest to that, as developer Richard Libby showed me the business end of both the HVAC system and the modern electrical system. Both are state of the art.

So why is Gail a celebrity? Well, she's the first person most of us have met in the building AND she says she's going to have a house warming. The very prospect of being invited to a house warming in BSB on that party deck had Trenton's social set bubbling both at the EFK event and later at Mike Gumpert's art exhibition at Gilmore's Cafe where the she made another appearance. Unlike most folks at Gilmore's ,Gail could walk home to her high-rise loft.

Gail says she's been reading Trenton Lofts for some time and has visited most of the buildings on the site. I can't tell you how much that means to me.

Welcome to Trenton Gail, we look forward to seeing you out and about.

Speaking of the Broad St. Bank
  Breaking Story
Over the last week, the building has shown up on the Commercial MLS as being for sale. For the low, low price of $23,000,000 you can own Trenton's crown jewel. Anyone, want to start an investor group to go after it (I'm only half kidding)?

I heard the rumor first, via Michelle, from a friend who's looking for an apartment. It was confirmed last night by a commercial realtor friend of mine.

I'm not terribly surprised because the developer has had a rocky relationship with the city. I've heard both sides of the story and while there may be blame on both sides, I know for a fact that the city could have been more proactive in its approach, especially with the parking situation, which, BTW, is cleared up now. There's plenty of parking for Gail and her fellow tenants.

Cracker Factory Construction
 
One of the primary objectives of Trenton Lofts is to keep readers up to date on development projects in Trenton. With that in mind, I asked the guys at HHG to send along some construction pictures of the Cracker Factory so you can see the progress being made.
The 2008 Solo Flights Festival
  At Passage Theatre Metamorphisis
A month long rotation of dance, music and solo plays
March 6-30, 2008

The great thing about a festival is that you can't see everything. Michelle and I went to as many as we could last year and had a great time.

We could actually walk to the shows, which are held at the Mill Hill Playhouse. The Playhouse is two blocks from our house, 200 feet from The Broad St. Bank, two blocks from the hotel and four blocks from the train station.

Cheat on your TV and have an affair with live theatre! There is something for everyone in this ever- popular festival.

South Jersey Investors
 
At the invitation of Matt Faircloth, I attended a meeting of the newly formed Mercer Country subgroup of the South Jersey Investors club. If you're an investor in the area, this seems a great group to get involved in both from a networking and education perspective. I'm going to join.
And now to Politics
  Alysia for Mercer Co. Freeholder
One of the biggest factors in Trenton's revitalization (or lack thereof) is Mercer County's government. The question of Trenton's role in the life and work of Mercer County is important. I, for one, consider Trenton to be "Downtown Mercer County". So, I'm particularly pleased that one of my good friends in Trenton, Alysia Welch-Chester is running for Mercer County Freeholder. The seven Freeholders are the legislative arm of the county government.

Having Freeholders that are smart and understand the right way to govern a modern community is incredibly important. I can't encourage my fellow Mercer County residents enough to get behind Alysia's candidacy. She's young, energetic and well versed in good government.

If you're involved in Democratic Party politics as a committee person you'll have the opportunity to vote for her in the upcoming (March 15) county convention. The rest of us will be able to vote for her in the June primary or the November general election.

Trenton's Budget Debacle
 
One more political thing. I got involved in Trenton's budget review cycle with City Council this year. Quite frankly, I was appalled at how poor the process is run by the city administration. They treat Council like a rubber stamp and serve up a budget designed to ensure the status quo and that our taxes will rise every year. It's so bad, that Council isn't even given a review schedule or justification for budget amounts.

This all said, Council seemed newly energized to make sure this debacle doesn't happen again next year.

 

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