New Jersey Retail Project Gets Green Light

Conceptual rendering of Montgomery Promenade. Image courtesy of SJC Ventures

SJC Ventures has received the local authorities’ approval for the development of Montgomery Promenade, a 292,700-square-foot retail center in Montgomery Township, N.J. The project will break ground in January 2023 and is slated for completion in the summer of 2024.

According to my central jersey, SJC took over the project from Madison Marquette and plans to develop it in two phases. Phase I will feature 162,000 square feet of mixed-use retail buildings along with 29 single-family homes, while the second phase will include 125,500 square feet of mixed-use retail space and five homes.

Montgomery Promenade will take shape on a 54-acre site at the intersection of routes 518 and 206, just north of Princeton Airport. The project will feature palisades for walking, outdoor dining areas, 1 acre of green space and a 40,000-square-foot entertainment center.

Upon completion, the retail center will be anchored by Whole Foods. Other confirmed tenants are Dor L’ Dor, More than Q, European Wax Center, Spavia and Norman’s Hallmark, as well as restaurants Iron Whale, The Robinson Ale House and Turning Point.

According to a JLL study, the retail market shows strong fundamentals, with rents rising in neighborhood and strip centers. Research data indicates more than 250 million square feet of space was leased across the U.S. year-over-year as of June.