Bijou Properties and Accurate are partnering to develop a mixed-use project at 65 Church St. in Montclair, with plans calling for 74 apartments and 3,873 square feet of retail space, as depicted in this rendering. — Rendering by Marchetto Higgins Stieve Architects/Courtesy: JLL
By Joshua Burd
Development firms Bijou Properties and Accurate are teaming to build 74 luxury apartments in downtown Montclair, brokers with JLL announced Monday.
The capital markets team, which arranged $10 million in joint venture equity for the project, said the deal is funding the acquisition of the redevelopment site at 65 Church St. Plans for the fully approved, mixed-use project, designed by Marchetto Higgins Stieve Architects, include the collection of one-, two- and three-bedroom rentals and 3,873 square feet of retail space, boasting a location less than a mile from NJ Transit’s Walnut Street and Bay Street stations.
JLL senior managing directors Jose Cruz and Kevin O’Hearn, Director Ryan Robertson, managing directors Michael Oliver and Steve Simonelli and Associate Michael Zlotnick spearheaded the assignment on behalf of Bijou and Accurate.
“We have seen significant demand for multi-housing development sites in New Jersey especially in infill markets throughout the state,” Cruz said. “Montclair is one of the most desirable submarkets and the activity reflected that.”
In announcing the deal, JLL said the project is slated to include eight affordably priced units. Residents will have access to amenities such as a rooftop deck with views of the New York skyline, a bicycle room, an indoor lounge, a fitness room and a package room, while the property will have parking for 112 vehicles across two levels.
The brokerage team also cited the parcel’s proximity to Interstate 280, the Garden State Parkway and the New Jersey Turnpike, along with the walkability of downtown Montclair.
For Accurate, the deal marks an expansion of a fast-growing multifamily pipeline that includes recent site acquisitions in New Jersey, Philadelphia and Connecticut.
“We are delighted to expand our development footprint with this well-located site in Montclair, which is often recognized as one of the most desirable places to live,” said Jack Klugmann, CEO and president of Accurate. “We look forward to delivering a new modern, residential option to this dynamic town that will complement its unique charm and character and appeal to both existing and new residents.”