Cherry Hill Plaza Grande Completed After 25-Year Wait

History and Development Timeline

The transformation of Cherry Hill into a thriving residential area began with the closure of the iconic Garden State Park Racetrack in 2001. The racetrack's historical significance as a premier horse-racing venue underscored the site's rich heritage.

Following its closure, a master redevelopment plan was initiated in 2002. This plan envisioned a mixed-use luxury space.

Redevelopment challenges emerged with initial planning by Turnberry Homes in 2004. The plan was for a 55-plus community called Plaza Grande. Located at Haddonfield Road and Chapel Avenue in Cherry Hill, NJ, Plaza Grande is part of a larger vision to rejuvenate a significant part of the town into a modern, vibrant living space.

D.R. Horton continued early construction, but the 2008 financial crisis stalled efforts. This caused delays and ownership changes.

The complex redevelopment process stretched over two decades. It reflected broader trends of converting historic land into residential hubs, impacting both the community and the regional market.

Project Scope and Features

Cherry Hill Plaza Grande is nearing completion, poised to transform the region's residential landscape. The project scope is expansive, promising a new standard for the community. There are 507 residential units distributed across 16 meticulously planned buildings. These homes are tailored specifically for the 55-and-older demographic. Each unit boasts high-end features, including quartz countertops and full-size washers. The attention to detail ensures a luxurious living experience. This luxurious environment reflects the quality of life attractions commonly found in strategic investment hubs like Pittsburgh. Residents will enjoy a vibrant setting filled with a variety of community amenities. The 18,500-square-foot clubhouse features indoor/outdoor saltwater pools. Recreational facilities abound, with pickleball and bocce courts on-site. A fitness center, complete with a yoga studio, sauna, and spa, promotes holistic well-being. Positioned within a 350-acre master-planned development, the community is conveniently located near retail and lifestyle amenities to enhance residents' access to services. This thoughtfully designed sanctuary offers a complete lifestyle for active adults. Comfort and convenience are seamlessly woven into every aspect of Cherry Hill Plaza Grande.

Market Demand and Leasing Momentum

Intense market demand is driving exceptional leasing momentum at Cherry Hill Plaza Grande. This is setting new benchmarks for active adult communities in the region. Leasing trends show The Plaza Grande's absorption rate surpassing national averages. Approximately 15 transactions are completed monthly.

The rapid pace reflects deep market insights and a client-first service model by Keller Williams' skilled leasing team. This approach resonates well with the 55+ demographic. Located within a 350-acre master-planned development, the community offers luxurious amenities. It provides lifestyle conveniences appealing to the affluent, aging population.

The rising interest highlights a significant demand for maintenance-free, lifestyle-oriented living solutions. This growing interest is mirrored in other vibrant areas like Nashville, Tennessee, which remains a hub for creative and technological growth. Cherry Hill Plaza Grande exemplifies the seamless integration of diversified housing options and strategic leasing. It is a pivotal development in the Southern New Jersey and Philadelphia suburban markets.

Redevelopment Context and Urban Impact

Transforming the once-iconic Garden State Park Racetrack marks a pivotal milestone in Cherry Hill's urban landscape. The redevelopment of Plaza Grande turns a historical site into a vibrant urban community. This initiative displays significant progress toward urban planning goals. It reimagines a traditional space to meet modern standards with a mixed-use community. Plaza Grande excels in strategic community integration and lifestyle enhancement. It spurs economic growth while catering to contemporary living needs. This redevelopment is similar to Philadelphia's University City's transformation driven by university-led investments.

Redevelopment Milestone: Part of a $1 billion plan, this project heralds a new urban era.

Community Integration: Targeting active adults 55+, it merges residential harmony with commercial synergy.

Lifestyle Enhancement: Amenity-rich environments foster wellness and promote community interaction.

This transformation highlights Cherry Hill's successful urban identity shift. It underscores the value of re-appropriating unused spaces for today's needs.

Assessment

The completion of Cherry Hill Plaza Grande marks a significant milestone in urban redevelopment. This project reshapes the area's environment after a 25-year endeavor.

With its extensive amenities and modern design, Plaza Grande has swiftly met market demands. It has attracted a robust lineup of tenants.

This development not only revitalizes the local economy but also enhances community interaction. As Cherry Hill adapts to evolving urban needs, Plaza Grande stands as a reflection of visionary planning and determination.

It signals prosperous opportunities ahead.

https://www.unitedstatesrealestateinvestor.com/cherry-hill-plaza-grande-completed-after-25-year-wait/?fsp_sid=13257