Park Square timeline: fall 2010

The second building in the Park Square development is expected to be completed and ready for occupancy by fall 2010.

Joel Schwartz, principal with developer Landmark Companies of Keasbey, presented an update to commissioners at last night’s Redevelopment Agency meeting.

About 44 of the 63 apartments in the completed building one on Irving Street are leased and the 96 units in building two on Main Street should be open by October, Schwartz said. There will be a total 238 parking spaces. Due to a different elevation on Main Street, two levels of parking will be on that side (photo above, corner of Elizabeth Avenue) compared to one level in operation now on the Irving Street side. The four-story, 159-unit project broke ground in October 2006.

Schwartz said there was an effort not to push the retail space, given the market conditions but also to try to first fill up residential units. He hopes to have more tenants by the spring for the 7,000 square feet of ground-floor retail space along Irving Street. The first tenant, Eyes On You, a high-end optometrist occupying 1,700 square feet at the corner of Irving and Elizabeth Avenue (photo at right), should be open in the new year.