Abreu said he envisions the capital city becoming another Bronx, Manhattan or Philadelphia.
TRENTON -- A developer bought seven abandoned properties in Trenton on Friday, saying he sees the city's potential to become a small scale version of the Bronx, Manhattan or Philadelphia.
Victor Abreu, CEO of Boro Diverse Construction Inc., says after purchasing and developing the properties, his investment will total an estimated $54.3 million.
"We're working for the future," said Abreu. "I have high expectations for this great city."
"I can make my dream in Trenton." he said.
Abreau, his wife and associates signed the deals at City Hall with city officials and other local business leaders.
The currently-vacated properties, scattered throughout the city, will be redesigned into mixed-unit and multi-family homes, says Abreu.
He intends to hire local electricians, plumbers and other employees -- 120 positions in total -- to help facilitate economic growth within the city.
Construction is expected to begin in about two months, after some overdue work to bring the buildings up to code.
The family housing will be structured to help city residents find quality and affordable living spaces. He says that by redeveloping larger one family homes into two-or-three family dwellings, residents will be able to find units within their price range.
Trenton couple's investment goes way beyond McDonald's
Abreu also said that by dividing the properties into smaller units the city's housing market will become more resistant to market crashes.
The mixed-unit development is expected to help strengthen the city's economy by adding jobs to the area.
This will be Abreu's first development project in the state. He says he was originally leaning toward developing in Camden, but after a tour of Trenton he fell in love with the city's character and history.
He credits local developers, like Freddie and Rosa Rosado who have already invested in the city, for turning him on to Trenton's potential for growth.
The Dominican-born developer is also a George Washington buff so Trenton's history was an added bonus for him, he says.
Abreu has developed properties throughout New York State including the Bronx, Winchester, Yonkers and Ossining, he said.
The developer's one lament was that several local and state banks he approached were not interested in investing in the city. He had to find an out-of-state bank that was willing to work toward revitalizing Trenton.
Abreu says he's just begun investing in the city. He has another six units that he expects to close on in early September.
"I see a beautiful future in Trenton," he said.
Greg Wright may be reached at gwright@njadvancemedia.com. Follow him on Twitter @GregTheWright. Find NJ.com on Facebook.