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10/22/2015 - Ratable Growth More than Doubles Over Past Year in Hamilton

 

Ratable Growth 
More than Doubles 
Over Past Year in Hamilton

What do you get with a new hotel, continued construction of office buildings and an expanding biotechnology campus?

In Hamilton, you get a growth in new ratables that is more than double last year’s growth.

As Hamilton officials finalize the community’s “added assessments”, which is the total value of additional ratables during the past year, the statistics indicate the continued expansion of Hamilton’s local economy.

This year, the added assessments will total $30,537,650.  The number is more than double last year’s added assessments of $12,017,388.  The added ratable growth (or added value) is generated from new construction or additions to existing buildings.

“Business is booming in Hamilton Township; and these numbers prove it,” says Mayor Kelly Yaede. 

Some of the prominent new or expanding businesses that have led to the growth in new ratables include:

ü  Homewood Suites Hotel

ü  Gabriel Atrium Health

ü  Selective Insurance office building

ü  Troil Enterprises

ü  Patient First Neighborhood Medical Center

ü  Block Plaza (new tenants and new pad-site for Medical Express Urgent Care)

ü  Studio Park (new tenants in office building)

ü  Genesis Biotechnology (expansion of campus) 

“In addition to these new ratables, several revitalization projects that are currently under construction, as well as plans for exciting new projects, illustrate that the horizon is bright for continued expansion of our local economy,” explains Mayor Yaede. 

Mayor Yaede and Hamilton officials note that future ratables will come from a number of projects that are currently underway or planned, such as:

ü  Residence Inn by Marriott

ü  Court at Hamilton (revitalization of Suburban Plaza, which will include a Super Walmart as part of the project)

ü  Hamilton Point Center  (revitalization of former Patterson Chevrolet  and former Hamilton Chrysler sites)

ü  Mercerville Shopping Center (expansion project) 

Additionally, Hamilton officials anticipate more announcements in the coming weeks from expected applications, similar to the Township’s recent announcement of an application for a 340,000 square foot warehouse distribution facility that would be occupied by a Fortune 500 company, as well as announcements on new tenants at existing retail centers in town.