A rendering of a building at 34 Bank St., a planned 126-unit apartment community in Netcong — Courtesy: Circle Squared Alternative Investments
By Joshua Burd
A development group has broken ground on a four-building, 126-unit apartment complex in the Morris County borough of Netcong.
The joint venture of CrownPoint Group, The Hampshire Cos. and Circle Squared Alternative Investments gathered Wednesday to mark the start of construction at 34 Bank St., part of a nearly five-acre site just north of Route 46 and east of Interstate 80. Spanning roughly 180,000 square feet, the complex will include both affordable and market-rate homes and provide residents with high-end amenities and easy access to both highways and mass transit.
“We couldn’t be more excited to partner with CrownPoint and Hamphire on this project,” said Jeff Sica, CEO and president of Circle Squared Alternative Investments. “When analyzing multifamily projects, location is such a critical factor to consider, and along with our partners we collectively agreed that Netcong has a lot to offer.”
In a news release, Sica highlighted the site’s location about 40 miles outside Manhattan and within walking distance of the Netcong train station. Also nearby are restaurants, supermarkets and retailers.
“The beautiful views and recreational opportunities afforded by Lake Hopatcong and the Musconetcong River will also surely place this multifamily complex in high demand by families looking to call Morris County home,” he added.
Plans call for a paved terrace with outdoor furniture overlooking the river and a two-story great room with kitchen area for entertaining, along with a business center, billiards parlor and fitness room, the news release said. Each unit will also feature a luxury design with high-end appliances, lighting and finishes.
“We’re happy to be involved in our second joint venture with CrownPoint and Circle Squared,” said Jon F. Hanson, chairman of The Hampshire Cos. “We see tremendous opportunity in the Morris County multifamily market, and we look forward to working with our project partners to create a successful project with leases being signed as quickly as we can build it.”
