News

MATRIX TO RECEIVE PRESTIGIOUS SMART GROWTH LEADERSHIP AWARD
FROM NEW JERSEY FUTURE

CRANBURY, NJ - For its ongoing commitment to redevelopment and the rebuilding of New Jersey's older communities, Matrix Development Group has been named – along with Wachovia Bank- as this year’s prestigious Smart Growth Leadership honorees, conferred by a prominent research and policy group that advocates intelligent growth.

New Jersey Future, the state’s leading association dedicated to promoting smart growth, will present the Smart Growth Leadership Awards to representatives of Matrix and Wachovia at its statewide awards dinner on Tuesday, June 6 in Newark.

“We are pleased to be recognized as responsible real estate investors/developers that embrace smart growth principles. The New Jersey Future Award is especially meaningful to us – we understand that it is critical that New Jersey experiences intelligent growth -- not only for today but for the future,” said Russell Tepper, Vice President of Development, of Cranbury-based Matrix Development Group.

One of Matrix’s developments that is significantly meaningful to the New Jersey Future association is the recent completion of the 32 East Front Street office property, located between South Broad and Warren Streets in Trenton, New Jersey. Wachovia, which was the first tenant to occupy the space, is leasing the top three floors, totaling 43,500 square feet within the 66,500-square-foot Class A office building.

Matrix agreed to purchase the East Front Street property from the Economic Development Corporation for Trenton in May 2005. Matrix’s entrance into the Trenton market is consistent with its commitment to urban revitalization throughout the state, as well as the City’s current redevelopment plan. The city of Trenton is currently in the midst of an economic renaissance with such programs designed to assist businesses in the capitol city as Local Business Development Incentives, Trenton Urban Enterprise Zone and Trenton Small Business Week. These initiatives, as well as the private investment of such firms as Matrix, will aid Trenton’s future growth plans for mixed-use development throughout the City.

“This is a good example – among many others – of our ongoing commitment to smart growth and sound design principles,” Tepper said.

To receive the coveted award, a developer must exhibit work that meets at least five of the following seven smart growth criteria:

Located near existing development and infrastructure

Increases range of housing options

Creates or enhances a vibrant mix of uses (residential, retail, office)

Protects open space, farmland and critical environmental areas

Creates or enhances choices for getting around

Walkable, designed for activities at street level that encourage personal interaction

Respects community character, design and historic features.

New Jersey Future considers for its award approved and built projects, as well as adopted plans that are consistent with the State Development and Redevelopment Plan.

Matrix is one of seventeen developers, municipalities, contractors, architects and corporations that had the necessary “courage to resist status quo growth patterns and … instead adopted smart growth values and design principles,” a spokesperson from New Jersey Future said.

The other winners include Wachovia Bank, N.A.; City of Trenton; Economic Development Corporation of Trenton; A. Nelessen Associates, Inc.; KSS Architects; New Jersey City University; Delanco Renaissance; Hillier Architecture; DMR Architects; Duany, Plater-Zyberk & Company; Somerset Development; Wood-Ridge Borough; Broadway Arts Center; Hellmuth, Obata + Kassabaum; City of Long Branch; Thompson Design Group; City of Camden Dept. of Planning and Development; Parkside Business and Community in Partnership, Inc.

New Jersey Future was established to protect the state’s open lands and natural resources; strengthen communities; facilitate ease of travel; and increase the states’ residents’ housing choices. The group fulfills its mission through original research, policy analysis, public education and advocacy.

For information about the Smart Growth Awards Celebration

Please contact:
New Jersey Future
137 West Hanover Street
Trenton, NJ 08618
Phone: 609/393-0008, ext 101
Fax: 609/393-1189
Web Site: www.njfuture.org

About Matrix Development Group

Matrix Development Group is a privately held, full-service real estate investment and development company with offices in New Jersey and Pennsylvania. The Company is active in the commercial, industrial, urban, residential, golf and hospitality markets throughout the Northeast and mid-Atlantic regions. Since its founding in 1979, the Company has developed real estate valued in excess of $1 billion and has been recognized for its leadership by numerous charitable, community and real estate organizations.

For more information on Matrix Development Group, please contact the Company’s Cranbury, New Jersey office at 732.521.2900 or visit www.matrixcompanies.com.

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CRANBURY, NJ - For its ongoing commitment to redevelopment and the rebuilding of New Jersey's older communities, Matrix Development Group has been named – along with Wachovia Bank- as this year’s prestigious Smart Growth Leadership honorees, conferred by a prominent research and policy group that advocates intelligent growth.

New Jersey Future, the state’s leading association dedicated to promoting smart growth, will present the Smart Growth Leadership Awards to representatives of Matrix and Wachovia at its statewide awards dinner on Tuesday, June 6 in Newark.

“We are pleased to be recognized as responsible real estate investors/developers that embrace smart growth principles. The New Jersey Future Award is especially meaningful to us – we understand that it is critical that New Jersey experiences intelligent growth -- not only for today but for the future,” said Russell Tepper, Vice President of Development, of Cranbury-based Matrix Development Group.

One of Matrix’s developments that is significantly meaningful to the New Jersey Future association is the recent completion of the 32 East Front Street office property, located between South Broad and Warren Streets in Trenton, New Jersey. Wachovia, which was the first tenant to occupy the space, is leasing the top three floors, totaling 43,500 square feet within the 66,500-square-foot Class A office building.

Matrix agreed to purchase the East Front Street property from the Economic Development Corporation for Trenton in May 2005. Matrix’s entrance into the Trenton market is consistent with its commitment to urban revitalization throughout the state, as well as the City’s current redevelopment plan. The city of Trenton is currently in the midst of an economic renaissance with such programs designed to assist businesses in the capitol city as Local Business Development Incentives, Trenton Urban Enterprise Zone and Trenton Small Business Week. These initiatives, as well as the private investment of such firms as Matrix, will aid Trenton’s future growth plans for mixed-use development throughout the City.

“This is a good example – among many others – of our ongoing commitment to smart growth and sound design principles,” Tepper said.

To receive the coveted award, a developer must exhibit work that meets at least five of the following seven smart growth criteria:

Located near existing development and infrastructure

Increases range of housing options

Creates or enhances a vibrant mix of uses (residential, retail, office)

Protects open space, farmland and critical environmental areas

Creates or enhances choices for getting around

Walkable, designed for activities at street level that encourage personal interaction

Respects community character, design and historic features.

New Jersey Future considers for its award approved and built projects, as well as adopted plans that are consistent with the State Development and Redevelopment Plan.

Matrix is one of seventeen developers, municipalities, contractors, architects and corporations that had the necessary “courage to resist status quo growth patterns and … instead adopted smart growth values and design principles,” a spokesperson from New Jersey Future said.

The other winners include Wachovia Bank, N.A.; City of Trenton; Economic Development Corporation of Trenton; A. Nelessen Associates, Inc.; KSS Architects; New Jersey City University; Delanco Renaissance; Hillier Architecture; DMR Architects; Duany, Plater-Zyberk & Company; Somerset Development; Wood-Ridge Borough; Broadway Arts Center; Hellmuth, Obata + Kassabaum; City of Long Branch; Thompson Design Group; City of Camden Dept. of Planning and Development; Parkside Business and Community in Partnership, Inc.

New Jersey Future was established to protect the state’s open lands and natural resources; strengthen communities; facilitate ease of travel; and increase the states’ residents’ housing choices. The group fulfills its mission through original research, policy analysis, public education and advocacy.

For information about the Smart Growth Awards Celebration

Please contact:
New Jersey Future
137 West Hanover Street
Trenton, NJ 08618
Phone: 609/393-0008, ext 101
Fax: 609/393-1189
Web Site: www.njfuture.org

About Matrix Development Group

Matrix Development Group is a privately held, full-service real estate investment and development company with offices in New Jersey and Pennsylvania. The Company is active in the commercial, industrial, urban, residential, golf and hospitality markets throughout the Northeast and mid-Atlantic regions. Since its founding in 1979, the Company has developed real estate valued in excess of $1 billion and has been recognized for its leadership by numerous charitable, community and real estate organizations.

For more information on Matrix Development Group, please contact the Company’s Cranbury, New Jersey office at 732.521.2900 or visit www.matrixcompanies.com.