Working in partnership for over seven years with Middlesex Borough, the Middlesex County Improvement Authority’s Economic Development Division and the New Jersey Institute of Technology, Forte Real Estate Development was able to transform an underutilized site designated “in need of redevelopment” into the Borough’s largest construction project in 20 years.
The Lofts are exceeding expectations and benefiting taxpayers of Middlesex Borough. At the time of project approval, it was projected that the payment-in-lieu-of-taxes (PILOT) program would generate $314,000 in new annual tax revenue for the borough. After steady leasing momentum, Forte Real Estate Development is now projecting The Lofts will provide over $360,000 in new annual tax revenue for the borough. This money can be used by the borough to fund municipal services.
$34 million private investment and streetscape improvements
146 (1 & 2) bedroom units plus media, gym and storage amenities