Case Studies


Atlantic County Improvement Authority – Stockton Aviation Research and Technology Park in Egg Harbor Township

MSB has been privileged to represent The Atlantic County Improvement Authority for many years.  In 2016, we represented the ACIA in a joint undertaking among the ACIA, Atlantic County, the Casino Reinvestment Development Authority, the National Aviation Research and Technology Park, Inc. (f/k/a Stockton Aviation Research and Technology Park, Inc.) and the Federal Aviation Administration in designing, financing and constructing the first building within the Stockton Aviation Research and Technology Park in Egg Harbor Township.  This project will enable the ACIA to take advantage of the region’s unique attractiveness to the aviation industry by establishing an aviation-related research and development campus that will ultimately include 8 buildings, to be leased by aviation-related tenants.  At the same time, the project will help transform the region by drawing tenants in the science, technology, engineering and research fields, with supporting commercial interests.  The project will create new, high-paying jobs and breathe new life into the Atlantic County economy, which has been mostly dependent on narrowly-focused casino, hospitality and entertainment-related interests.

The first building within the project, containing almost 60,000 leasable square feet, is being financed by general obligation debt issued by the County, revenue-backed debt issued by the ACIA and backed by a subsidy from the County, and by a no-interest loan from CRDA.  Members of the Firm helped coordinate the efforts of representatives from each party to secure approvals from their leadership and from the State’s Local Finance Board (LFB) in connection with the ground lease of a portion of the 58 acre site on the campus of the William J. Hughes Technical Center, owned by the FAA, and the aforementioned financing structure.  We also represent the ACIA in negotiating leases with prospective tenants.  After years of struggling to overcome financial and other hurdles, the first building’s core and shell will be completed Summer 2019, with tenant fit-out to be completed December 2019 and occupancy to commence immediately thereafter.

For more details about this project, please call Members Joseph P. Baumann, Jr. or Kevin P. McManimon.

Borough of Carteret – Carteret Tomorrow

We serve as redevelopment counsel to the Borough in connection with a project that will consist of the construction of an approximately 250,000 square foot warehouse that, together with surface parking facilities, will serve as the engineering control, or “cap”, for certain contaminated property. For more information on this project, please contact Joseph P. Baumann, Jr., Member.

Borough of Carteret – West Carteret Minue Street Redevelopment

We serve as redevelopment counsel to the Borough in connection with the proposed construction of over 400,000 square feet of retail, office and warehouse space, a portion of which will be exempt from taxation under the Short Term Tax Exemption Law. We also represented the Borough in litigation, in the Superior Court of New Jersey, with the owners of some of the properties initially included in the designated redevelopment area. For more information on this project, please contact Joseph P. Baumann, Jr., Member.

Borough of Carteret – Lower Roosevelt Avenue Redevelopment

We serve as redevelopment counsel to the Borough in connection with the proposed construction of over 400 market rate residential units, some of which will be leased and some of which will be offered for sale, as well as over 40,000 square feet of retail space. All of these improvements have been exempted from taxation under the Long Term Tax Exemption Law for the purposes of financing a portion of the costs of the project. This project required the use of eminent domain and the relocation of a number of individuals, families and businesses under applicable State and federal laws. For more information on this project, please contact Joseph P. Baumann, Jr., Member.

Borough of Carteret – Waterfront Redevelopment

We serve as redevelopment counsel to the Borough in connection with the proposed construction of approximately 500 residential units and the construction of a terminal for a ferry service that is expected to serve the Borough and surrounding communities. The project will require the remediation of an environmentally-challenged area that is a designated Brownfields Development Area. For more information on this project, please contact Joseph P. Baumann, Jr., Member.

Borough of Carteret – Community Health and Wellness Center

We serve as redevelopment counsel to the Borough in connection with the proposed construction of a 36,000 square foot community health and wellness center, including weight and exercise rooms, an 8,600 square foot multi-purpose sports room, a 7,000 square foot aquatics center with a swimming pool, physical therapy facilities, a café, and related office space. For more information on this project, please contact Joseph P. Baumann, Jr., Member.

Borough of Carteret – Middlesex Avenue Residential Redevelopment

We serve as redevelopment counsel to the Borough in connection with the proposed construction of a high-density housing project consisting of integrated market rate and affordable units offered for sale. For more information on this project, please contact Joseph P. Baumann, Jr., Member.

Township of Bloomfield – Bloomfield Parking Authority

For almost two decades, Bloomfield Township sought to address a shortage of parking in — and to breathe new life into — its downtown, taking advantage of its proximity to major thoroughfares like the Garden State Parkway and Bloomfield Avenue, and to the Bloomfield Train Station.

MSB worked with the Township to create the Bloomfield Parking Authority in 2003, which set about realigning existing public parking facilities in the Township and creating new ones, establishing rational parking rates and administering sensible parking enforcement.

We served as bond counsel to the Township and the Parking Authority in connection with the Township’s general obligation debt and with the Authority’s revenue-backed debt that helped finance the construction of the parking garage. We also served as redevelopment counsel to the Township during negotiations with the designated redeveloper. The site formerly contained a variety of small, disconnected retail stores and apartments, and surface parking facilities. It now includes 224 high-class rental apartments over almost 60,000 square feet of retail/commercial space surrounding a four-story parking garage, and has brought a sense of vitality and life to this critical area of the Township.

For more information on this project, please contact Joseph Baumann, Member, at (973) 622-1800.