Strategic Partners Announce $23.7 Million Initiative to Revitalize Franklin Township/Somerset Neighborhood



Renaissance Gateway Project Details and
Renaissance Gateway Development Partners Disclosed

Franklin Township, NJ - June 21, 2001- The Renaissance Gateway LLC, a partnership consisting of the Renaissance Development Group, LLC ("RDG") and Pennrose Properties, Inc., has been designated the official developer by the Franklin Township Redevelopment Agency of a $23.7 million strategic initiative, titled the Renaissance Gateway Project ("RGP"). The RGP will revitalize a commercial corridor in the heart of Franklin Township's designated redevelopment area. The Franklin Township Redevelopment Agency and the Renaissance Gateway LLC will sign the development agreement at a special signing ceremony scheduled for Thursday, June 21, 2001 at Franklin Township Council Chambers. LaMont Summersett, CEO, Renaissance Development Group says, "The Renaissance Gateway Development Partnership is committed to overseeing the completion of this project from start to finish. We look forward to working with both the Township and the community members in opening the Gateway to Renaissance."

The Renaissance Development Group ("RDG") consists of the Renaissance Economic Development Corporation, CDC Properties, Inc., and the First Baptist Community Development Corporation. All of these non-profit organizations are outgrowths of the First Baptist Church of Lincoln Gardens, located in Franklin Township, and have as core missions the improvement of conditions in the neighborhood surrounding the church, the Renaissance community. The Renaissance Economic Development Corporation ("REDC") is the lead agency of the RDG and was founded in 1997 as an affiliate of the First Baptist Community Development Corporation ("FBCDC"). FBCDC was founded in 1993 and has been working towards the overall revitalization of the Renaissance community for the past nine years.

Pennrose Properties, Inc. was founded in 1970 and brings valuable experience to the Gateway Project Development Team. Pennrose has a strong history in housing and commercial development. It has also distinguished itself with a unique track record of developing partnerships with community-based, non-profit organizations, public funding agencies, private sector investors, minority and female-owned businesses and local leaders in the revitalization of urban neighborhoods. Pennrose is one of New Jersey's most successful developers whose work specializes in restoring a sense of community, place and pride. The partnership between the RDG and Pennrose results in an experienced, community-oriented development team that will lead the existing community towards the realization of its future. Ivy Dench, Development Officer, Pennrose Properties, Inc. says, "Pennrose is excited about the partnership with RDG and Franklin Township to develop a community asset that will provide the benefits of jobs and entrepreneurial opportunities for the citizens in the Renaissance neighborhood."

The Gateway Development Partnership will develop the 15.28-acre Renaissance Gateway Project designated by Franklin Township as a redevelopment area and targeted by the Franklin Township Redevelopment Agency as the first priority in the overall Renaissance 2000 Redevelopment Plan. "The primary goal of the FTRA and the RGDP is to develop a neighborhood center containing a revitalized retail/business corridor serving as the Gateway to the overall Renaissance community and to provide the residents of Franklin Township with more jobs, new and expanded tax ratables, and an enhanced image as a vibrant place to live, work and operate a business," says Richard Barber, Chairman, Franklin Township Redevelopment Agency.

The RGP is located at the intersection of Franklin Boulevard and Somerset Street (State Route 27), and is comprised of tax blocks, 122, 128, 129, 130, 131, and 132 in the southern part of the Township. The area is bound by Somerset Street and the City of New Brunswick to the south, Ellen Street and Frank Street to the north, Camner Avenue and Booker Street to the west, and Millstone Avenue and Davis Avenue to the east.

The Renaissance Development Gateway Partnership will address the needs of the community through a three-pronged holistic approach including community enterprise, family support, and physical & economic development. While the RGP is clearly a physical & economic development component of the overall revitalization of the community, the RGDP will support this project with programs operated through the other two components, community enterprise and family support. The First Baptist Community Development Corporation will introduce a community enterprise activity to the development project through the establishment of the Renaissance Franchise Association to prepare community residents for business ownership and operation in the new development. "Our goal is to provide the necessary resources and tools to prepare residents to be able to support and contribute to the community's economic growth as business owners," says Sharon-Tucker Brown, Executive Director, First Baptist Community Development Corporation.

The RDGP views the development of a neighborhood center to be of significant importance in the Renaissance community. Retail businesses to serve the Renaissance community, office space to accommodate existing and new community-based businesses, and market-rate rental housing are in demand by the residents according to community assessments conducted in 1993. "The creation of a robust community center will aid in developing a sense of place and pride for residents of the Franklin Township/Somerset communities," says Kenneth W. Daly, Franklin Township Manager.