Lotus 315, a mixed-use development in East Orange with 180 luxury apartments — Courtesy: Blackstone 360
By Joshua Burd
The developer of a distinctive new mixed-use building in East Orange has leased more than 95 percent of the property’s 180 luxury apartments.
Newark-based Blackstone 360 announced Thursday that it has surpassed the milestone at the complex known as Lotus 315. The benchmark for the building, the firm’s fourth project in the immediate area, comes just over six months after the developer opened the first two floors and launched its leasing campaign at 315 South Harrison St.
“Creating a structure of this size and scale came with its own set of challenges, but the goal was to differentiate ourselves from the standard market multifamily and take a risk with our team to deliver something unique,” said Airaj Hasan, CEO of B360. “Our bet paid off, and the community at large really understands and appreciates what we’ve created here.”
With its curved, ship-like structure, the building stands apart from other multifamily projects in the region. Apartments feature high-end finishes and appliances, while residents have access to amenities such as a garden terrace and party room, a 24-hour gym and a free shuttle to Brick Church and Newark Penn stations.
“B360 had a vision for modern luxury with deluxe amenities in East Orange,” said Andy Feinberg of Ackman-Ziff, who arranged the financing for Lotus 315. “Achieving 95 percent occupancy is a vindicating moment for the B360 family and a powerful endorsement for East Orange.”
B360 enlisted Striker Management and Leasing as its property management firm of record.
“We’re looking to create true connection within the community through our developments, and the happiness of each resident is at the center of that,” said Alina Zafar, director of marketing and corporate relations with B360. “The team at Striker is helping translate our vision into meaningful relationships with the Lotus residents.”
The ground-floor space at Lotus 315 spans 33,000 square feet with an end-unit drive-thru, according to a news release. B360 has engaged grocers, restaurant and coffee shop operators, day care centers and medical office users as prospective tenants.
Meantime, the developer will further expand its portfolio with Allure 258, an 18-story luxury high-rise adjacent to Lotus 315, which is on track to be complete by summer 2021.
