JLL is marketing the fully approved development site for what’s known as The Residences at 15Sixty, a planned 98-unit apartment building at 1560 Hamburg Turnpike in Wayne. — Courtesy: JLL
By Joshua Burd
A development site with approvals for a new 98-unit apartment building has hit the market in Wayne, brokers say, providing an opportunity in an affluent but undersupplied submarket.
According to JLL, which represents the would-be seller, the property at 1560 Hamburg Turnpike has received all major entitlements, including preliminary and final major site plan approval and unconditional Passaic County approval. That allows a buyer to begin sitework immediately for what’s slated to be a mix of one- and two-bedroom homes with a 15 percent affordable housing component.
JLL’s Ryan Robertson, JB Bruno and Jose Cruz lead the listing team for what’s known as The Residences at 15Sixty, with support from financing brokers Tom E. Didio Jr. and Gerard Quinn.
“With all municipal and county-level approvals secured, a future developer can proceed directly to construction documentation and building permit submission, significantly reducing execution risk and development timelines,” JLL wrote in its marketing materials. “The thoughtfully designed site plan features an efficient building layout centered around a curated amenity courtyard with a resort-style pool and integrated indoor-outdoor spaces, positioning the property to compete with top-tier product across northern New Jersey.”
The firm noted that Wayne is one of the region’s most desirable residential communities and consistently ranks the No. 1 best place to live in Passaic County. Average household incomes exceed $182,000, JLL said, while the township has an “A” rated public school system.
The property, for its part, is minutes from Route 23, Route 46 and Interstate 80, as well as the Wayne Route 23 Transit Center. Commuters can reach Hoboken and New York Penn Station in roughly one hour, while the nearly 6.6-acre site is less than 15 minutes from retail destinations such as Willowbrook Mall, Wayne Towne Center and Whole Foods and a variety of dining and lifestyle amenities.
JLL added that the surrounding submarket is highly supply-constrained, with limited new institutional-quality deliveries over the past two decades. That supports strong occupancy and rent growth, the firm said, pointing to the newly delivered Avalon Wayne, where one-, two- and three-bedroom units command rents of $2,700, $3,900 and $5,300, respectively.
