Millville's Union Lake Crossing Shopping Center Welcomes New Supermarket
Union Lake Supermarket
A New Jersey Economic Development Authority (EDA) loan of $1.25 million for Union Lake Supermarket, LLC that closed in December 2007 will enhance the borrower's cash flow as the store opens its doors in Cumberland County.
Without the low interest rate attached to the Local Development Financing Fund (LDFF) loan, the supermarket would have had difficulty maintaining adequate cash flow to operate successfully. "Because the area does not have the target demographic as of yet, it anticipates less sales than it would for a new store in a more economically affluent area," said EDA Business Development Officer Justin Kenyon, who worked on the project's financing.
Union Lake Supermarket is a subsidiary of Bottino Holdings, Inc., which was formed in 2007 as the operator of a ShopRite supermarket in Millville. The store had its grand opening in August 2007, and the loan was used to pay off a portion of the temporary financing provided by Wakefern Foods Corporation to complete construction and begin operation.
Located in Union Lake Crossing Shopping Center, the supermarket boasts 530,000 square feet of retail space. Millville originally had faced significant challenges attracting retailers to the center due to the development complexity adjacent to the interchange at state highways 47 and 55. In August 2006, the EDA provided technical assistance and $22.5 million in financing under the New Markets Tax Credits program to help make the project possible. The center is now home to over 30 stores, including national retailers Target, Kohl's, PetsMart, Staples, and Circuit City.
The center provides nearly 1,000 jobs to the economically distressed area, most of which have gone to local residents. A projected $23 million in tax revenues is anticipated to be generated from the center over the next 15 years, with 50 percent returning to the redevelopment area district to further develop and revitalize area neighborhoods.