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Commercial property includes office buildings, medical centers, hotels, malls, retail stores, multifamily housing buildings, farm land, warehouses, and garages. In many U.S. states, residential property containing more than a certain number of units qualifies as commercial property for borrowing and tax purposes.
Cherry Hill Mall from Macy's. The Cherry Hill Mall opened on October 11, 1961, on the former site of the 16-acre (6.5 ha) George Jaus farm. [3] It was designed by Victor Gruen and built and managed by The Rouse Company [4] at a cost of $30 million (equivalent to $306 million in 2023). [5]
The State of New Jersey, through the New Jersey Sports and Exhibition Authority, issued $1.15 billion in tax-free bonds to support the project. These unrated bonds yielded 6.625% when first issued. They were part of a suite of tax concessions negotiated with the state and the City of Hackensack. [170]
1956 - Kessler receives a $90,000 grant from the New Jersey State Rehabilitation Commission to establish a pre-vocational diagnostic unit, the first of its kind in the state; 1959 - Groundbreaking ceremonies are held for a new 48-bed patient wing on the West Orange campus; 1961 - New patient wing is dedicated and a swimming pool is constructed
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