History In The Making
A new center in New Jersey builds on a town’s rich past.

Streets of Chester.

This New Jersey Skylands community (Chester Borough and Chester Township) — just 30 miles from New York City — has retained much of its rural character, a New Jersey equivalent of Kentucky’s horse country. Chester is also characterized by extremely high real estate values; a village center that is a regional draw for antique shoppers; and outstanding overall demographics, including average household income of $120,000.

Columbus, Ohio-based Continental Retail Development liked the characteristics of Chester. The company located a site at Route 206 and Old Gladstone Road, where it plans to build the 105,000-square-foot Streets of Chester, a lifestyle center that will include specialty retailers and restaurants. The center is scheduled to open in the fall of 2005. Ann Taylor and Pier One have already signed leases and Continental is in the process of finalizing eight additional high-end specialty retailer deals to be announced in the weeks and months ahead.

“There is a strong need for an upscale, lifestyle development in the market,” says David Kass, president of Continental Retail Development. “There is no comparative shopping in the area, specifically between Chester and Morristown, the largest county seat. And, when completed, The Streets of Chester will be a convenient alternative to Short Hills and Bridgewater Commons, the nearest regional shopping malls, both of which are more than 20 miles away.”

Assisting Continental’s in-house team with the leasing of the Streets of Chester is Chatham, New Jersey-based Fidelity Properties. Fidelity President Al Tafro and Vice President Rich Schulz say that The Streets of Chester will be a perfect fit for the retail and geographic landscapes of the Chester area. They say that the 12-acre site, south and west of downtown, is ideally located to complement — not compete with — Chester’s antique and other village-type shops.

“It’s the weekend tourist destination draw and the great local rooftops that national retailers are excited about,” says Schulz, adding that The Streets of Chester will be comprised of more than a dozen leading retailers and restaurants and a national bookseller. “This project could not have a better home.”

As might be expected, Chester residents are understandably very interested about what gets developed within borough and township limits — thus, the importance, Tafro says, of Continental’s track record of working closely with local officials and communities on similar projects.

“There is a strong sense of community there. We met with and made assurances to the borough about the nature and quality of tenancy, which will be complementary to existing merchants; the choice of materials, which will follow local architectural traditions and standards; and the size and configuration of stores,” says Kass.

Fronting on Route 206, Chester’s primary north-south road, The Streets of Chester will be configured among two avenues, or streets, of unequal length and connected along the property’s southern extent. Architectural detailing will include a clock tower, brick pavers and plank fencing, along with premium landscaping.

The timing for The Streets of Chester couldn’t be better, Tafro adds, as developable sites are becoming scarcer and scarcer in desirable communities like Chester.

“Continental’s development is unique in that in New Jersey and in this market particularly, there is a very restricted supply of developable sites,” says Tafro. “The political push is to limit development overall and, especially, keep undisturbed any ‘green’ areas.” He cites Chester Township’s land banking policies and programs and the state’s recent enactment of a Highland Act, which further restricts development as evidence.

In fact, according to Chester Township, of its 28 square miles or 18,497 acres, less than 2 percent is zoned for commercial or industrial use, while 24 percent is residentially developed and 39 percent is used for agricultural purposes. This leaves more than 30 percent devoted to permanent open space, with Chester Township’s governing body authorized to collect up to $20 per $100,000 of assessed value to purchase additional open space.

As a result, the area’s land values and demographics continue their robust growth, development opportunities move farther and farther away and projects like The Streets of Chester become a rarity.

— Randall Shearin