106 Hurd St. in Mine Hill — Courtesy: NAI James E. Hanson
By Joshua Burd
A developer has acquired more than six acres in Morris County and is moving ahead with plans for a 50-unit apartment building at the site, according to NAI James E. Hanson.
The real estate services firm said the buyer, 106 Hurd Street LLC, has started site work after receiving approvals for the project at 106 Hurd St. in Mine Hill. The project follows the sale of the site by Pansini Estate, with NAI Hanson’s John Schilp representing both parties.
“Multifamily development continues to flourish throughout northern New Jersey with numerous developers competing over limited developable land,” Schilp said. “Recognizing the ongoing demand for multifamily development, we were able to leverage our decades of experience and local market expertise to help the buyer identify this prime development opportunity while allowing the seller to secure fair market value for this in-demand parcel.”
In a news release, Schlip said the 6.15-acre parcel provides easy access to Route 46. The site was previously occupied by a house and barn and presented a rare investment opportunity for a developer to tap into New Jersey’s booming multifamily market.
NAI Hanson added that the site is located in the township’s multifamily inclusionary community overlay zone, meaning the project will help to satisfy its obligation for low- and moderate-income housing. Ten units will be set aside for that purpose.