South Jersey development forecast details upcoming construction

Jessica Perry//June 17, 2024//

More than 250 business leaders and elected officials came together June 7 for the Southern New Jersey Development Council’s 28th Annual Construction Forecast at Stockton University’s campus center in Galloway. 

At the outset, TD Bank Commercial Market President Gregory Carlisle offered an update on the South Jersey Market Economy. He noted the region’s unemployment rate is at 5%. However, the health care and education sectors offer opportunity. In the last year, it accounted for half of area job growth. 

TD Senior Vice President and Commercial Real Estate Market President Gregor Ben Kruger moderated a panel discussion with key construction leaders discussing the current housing market. Nick Cangelosi, senior vice president of development for The Michaels Organization; Sean Frankel, partner, FMC Ventures/Woods Glassboro Properties Development; and John Jakominich, senior vice president of land acquisition for Toll Brothers, shared details from projects ranging from affordable/attainable housing to commercial and high-end development. 

Next up, a series of presentations detailed upcoming South Jersey construction projects:

• The Authority President and CEO Jerry Velazquez outlined Cumberland County’s new golf course, a collaboration between Mike Trout and Tiger Woods, Trout National – The Reserve. The Authority is also working on last mile broadband connectivity in the county.

• Rowan University Vice President of Facilities Planning and Operations Joe Campbell highlighted more than $290 million in projects across the school’s eight different campuses, including the new Shreiber School of Veterinary Medicine and new Wellness Village.

• Erin Crean and Alan Nau gave an update on Trophy Park, coming to Galloway. The 300-acre stay-and-play multi-sport entertainment destination said it will draw more than 2 million people each year for professional and youth sporting events. It will feature a 32-building athletic village to house athletes, an e-sports arena, dining hall and several hotels.

New Jersey Economic Development Authority Chief Strategy & Infrastructure Officer Mary Maples closed the program with updates on the NJ Wind Port as well as Trenton’s developing Maternal Infant Health Innovation Center.

SNJDC membership is comprised of key leaders and decision-makers from the public and private sectors. The nonprofit represents organizations among 30 broad business types, including casino/gaming industry development, education, engineers, the health care industry, transportation and tourism.