New apartments will rise from the site of a former South Jersey landmark early next year.
About five years after the Pennsauken Mart closed, the Renaissance Walk apartments will begin to take form on the same location. The developers are ready and environmental concerns at the site have been addressed, according to Jim Blanda, executive director of the Camden County Improvement Authority.
“Over the past few years, as much as it has been envisioned that it’s been stalled, it’s really been that we have taken a number of actions to develop the site,” he said. “With the market changing, rental housing is one of the markets that is viable in this economy. We’re pretty excited that, timing-wise, we are ready to proceed.”
The site was first envisioned as a hockey arena but that plan cooled when the deal for a minor league team fell through.
Camden County has spent more than $35 million on the project. The developer is hoping to charge about $1,400 a month for the apartments. The target market is young professionals without children.