Greater Trenton, an independent 501(c)(3) nonprofit organization dedicated to promoting economic revitalization in New Jersey’s capital city, released a Downtown Trenton residential market study, in conjunction with the Trenton Parking Authority, to determine the market potential and optimum market position for newly-introduced housing units in Downtown Trenton. The study reveals a strong demand for up to 760 housing units in Downtown Trenton over the next 5 years with younger singles and couples representing the largest share of that market at 68 percent.
“We’re excited about Trenton’s growing residential market demand, which will help fuel economic activity throughout the city,” said Trenton Mayor Eric Jackson. “More residential and mixed-use development will enhance Downtown Trenton as a sought-after living destination as well as a premier state capitol and a business destination.”
The study was conducted by Zimmerman/Volk Associates, Inc., which has a national reputation for innovative market analysis based on its proprietary target market methodology. According to the study, demand for up to 600 of the 760 units in Downtown Trenton includes apartment rentals, with the remaining housing mix including for-sale condominiums and rowhouses/townhomes.
“We remain dedicated to the development of Downtown Trenton, particularly to serving the community’s increasingly important parking needs,” said Andrew Worek, chairman of the Trenton Parking Authority. “We will do everything we can to promote commerce, support economic renewal, and ensure that Downtown Trenton development is successful.”
For the purposes of this study, the boundaries of the downtown area include the D&R Canal to the north; U.S. Route 1 to the east and south; and the Delaware River to the west. The study area encompasses two key commercial corridors as well as the new Creek to Canal Creative District. The study also takes into consideration the migration, mobility, demographic and lifestyle characteristics of households currently living within defined draw areas to determine the depth and breadth of the potential market for new housing within the downtown Trenton study area.
“Combining Trenton’s affordability and multi-modal transit orientation with its quality of life assets in Downtown Trenton including its riveting history and historic buildings, vibrant arts community, landmark museums, parks, upcoming neighborhoods and more, it’s no wonder why there’s a growing demand for housing here,” said George Sowa, founding CEO of Greater Trenton. “However, to maximize Trenton’s residential market, it will be important to focus on developing higher-density housing types while also redeveloping existing buildings in Downtown Trenton.”
According to the American Community Survey, which measures population mobility, the City of Trenton—where nearly 17.8 percent of the city’s population moved from one dwelling unit to another from 2014 to 2015—has a mobility rate higher than the national average of just under 12 percent. Approximately 64 percent of Trenton’s population that changed residences between 2014 and 2015 moved from elsewhere in Mercer County, and another 21.5 percent moved from another county in New Jersey, most notably from Middlesex, Burlington, Somerset, and Monmouth Counties, New Jersey or from Bucks County, Pennsylvania.
“The fact that nearly 50 percent of younger singles and couples are projected to move to Downtown Trenton from areas outside of Mercer County, speaks volumes about the City’s appeal to a population of Millennials,” said Mercer County Executive Brian M. Hughes. “In addition to the historic attractions in Trenton, numerous nearby Mercer County attractions including Grounds for Sculpture, Princeton University Art Museum, Washington Crossing Historic Park and many others, enhance the attractiveness of residential living in Downtown Trenton.”
Since 1988, Zimmerman/Volk Associates, Inc., a woman-owned company, has completed more than 450 market studies, for sites ranging in size from the redevelopment of half a block to the establishment of a new town on several thousand acres. The company is recognized by the leading practitioners of the New Urbanism as the national expert on the market feasibility of urban redevelopment and New Urbanist communities.
To access a full copy of this study, please visit: www.greatertrenton.org