Bel Canto Asset Growth Fund joined local officials and others on Sept. 30 to break ground on Pearl Apartment Homes, a planned 375-unit luxury apartment property along Route 38 in Moorestown. From left: Bel Canto CEO Jennifer A. Nevitt, Moorestown Mayor Quinton Law and Thomas A. Leonard III, chairman of Bel Canto. — Courtesy: Bel Canto
By Joshua Burd
Construction is underway on a project that will bring 375 luxury apartments to Moorestown, in a key piece of the plan to transform excess land around the township’s well-known mall.
The project’s developer, Bel Canto Asset Growth Fund, welcomed public officials and other dignitaries on Tuesday to break ground on what’s known as Pearl Apartment Homes. Its plans call for a mix of one-, two- and three-bedroom homes and amenities alongside the Moorestown Mall on Route 38, giving residents direct access to a wealth of dining, health care, shopping and entertainment options while bringing much-needed rental housing to the area.
The team expects to begin preleasing next summer and welcome its first residents in the fall.
“Bel Canto’s unwavering resilience and commitment to serving the unique housing needs in and around Moorestown will result in creating a truly one-of-a-kind apartment community,” said Thomas A. Leonard III, the chairman of Bel Canto. “Pearl Apartment Homes is more than an apartment community — it represents an extraordinary investment in the future of the South Jersey economic landscape. Adjacent to the Moorestown Mall, it will attract many new residents looking for things to do nearby. Major employers like Lockheed Martin and Cooper University Health Care are also just minutes away.”
The groundbreaking comes three years after Bel Canto purchased the development parcel from PREIT, the mall’s owner, following a rezoning agreement with the township that would allow the latter to create a mixed-use, sustainable district at the 84-acre property. Importantly, the project will open in a township in which 32 percent of residents are approaching retirement age, Bel Canto said, allowing longtime neighbors to stay in the community while also appealing to younger professionals and families eager to put down roots in Moorestown.
The national multifamily builder added that the first phase of completed construction includes a dedicated parking garage designed exclusively for residents.
“I’ve shopped and visited Moorestown for 15 years,” Bel Canto CEO Jennifer A. Nevitt said. “I’ve heard the frustration of people who feel they have to leave Moorestown when they’re ready to downsize. At Pearl, they won’t need to choose between the lifestyle and community they love here.”
Those on hand for Tuesday’s event included public officials and business and community leaders, according to a news release. They were among those to see a preview of the building’s amenities, from a resort-style swimming pool with a sundeck and spa to a modern fitness center with cardio, free-weight areas and a yoga studio.
Plans also call for a parlor with gaming tables and a modern podcast studio.
“This groundbreaking marks an exciting new chapter for Moorestown,” Mayor Quinton Law said. “Pearl will expand housing opportunities that meet the needs of our growing and changing community, while also representing a significant investment in our township’s future. Developments like this strengthen our local economy, support nearby businesses and help ensure Moorestown remains a vibrant, welcoming place for working families. We’re proud to see this kind of forward-looking investment taking root here.”
Pearl joins Bel Canto’s growing portfolio of modern communities, which includes Botanica Cottages in Limerick, Pennsylvania, as well as recently completed properties in Lebanon, Indiana, and Ocala, Florida, the news release said.
PREIT inks sale of Moorestown Mall parcel slated for 375 apartments
