Page 30 - RENJ_April2021

28 APRIL 2021
PROJECT UPDATES
OPPORTUNITY FOUND
IRON ORE, AMJ EYE START OF 120-UNIT RENTAL PROJECT IN PLAINFIELD AFTER SITE ACQUISITION
approvals were originally granted in 2017, the developers said, noting that the team needed to resolve major issues with the design.
“Working with the former owner
and the city of Plainfield, our team transformed the building and design, vastly improving both the layout and the aesthetics,” said Josh Mann, co- managing member of Millburn-based Iron Ore.
Designed by Nastasi Architects of Hoboken, the project is part of the city’s North Avenue Redevelopment Area. Plans also call for a roughly 20,000-square-foot outdoor amenity deck, about 5,000 square feet of indoor amenity space and 120
covered parking spaces.
Iron Ore and AMJ, which is based in Basking Ridge,
are financing the development
using Opportunity Zone equity. The development team said it has already secured Plainfield businesses for work on the project and have invited others to bid, while it also planned to announce job fairs and information for
experience with such facilities.
“Quality development sites in infill locations are
extremely
scarce,” Shulman
city residents.
“Without the Opportunity Zone program, this
deal sits on
the sidelines,”
Mann said.
“Without the
‘OZ’ dollars and
the (payment
in lieu of taxes)
provided by
the city of
Plainfield, we would not be putting over 200 people to work and eliminating the eyesore that sits on the property.”
Matthew Schiller of Murphy Schiller & Wilkes LLP served as the attorney for Iron Ore in its acquisition of the site, while Julie Gralla of The Kislak Co. Inc. represented both the seller and the buyer. The developers held a groundbreaking ceremony in late February that drew Lt. Gov. Sheila Oliver, Plainfield Mayor Adrian Mapp, state Sen. Nicholas Scutari, Assemblywoman Linda Carter and Councilman Stephen Hockaday.
“This is a transformative project for Plainfield and this corridor,” Mann said. “The neighborhood surrounding the train station is vibrant and there is a huge demand for apartments. This building will be a major step up in terms of finishes and amenities for the corridor and we are excited to get started.”
were able to design a building that accommodates tenants from 30,000 to 200,000 (square feet) with cross- loading that caters well to the tenant market, is a real testament to the KRE and Stro teams.”
United Realty Advisors’ John Friedland and Mark Tannen represented the seller in the transaction. Evan Glanz of E Glanz Associates served as lead counsel in closing the deal and Daniele Cervino of Beattie Padovano PLLC was the environmental counsel.
A joint venture is nearing the start
of construction for a new 120-unit apartment building in Plainfield, in a project that will redevelop the site of a blighted industrial property.
The partners, Iron Ore Properties LLC and AMJ Capital LLC, recently closed on the site at 1000 North Ave. and kicked off demolition of
the existing building. They now expect to start construction this spring, bringing a mix of studio, one-bedroom and two-bedroom units to a parcel alongside the city’s Netherwood train station, the last stop on the Raritan Valley line that is under an hour from Manhattan.
The milestone comes after land use
Josh Mann
A rendering of a new 120-unit apartment building at 1000 North Ave. in Plainfield
STRO, KRE DETAIL PLANS FOR 205,000 SQ. FT. INDUSTRIAL PROJECT
Kushner Real Estate Group and The Stro Cos. have closed on a 16-acre development site in Woodland Park, with plans to build 205,000 square feet of new industrial space.
The joint venture said the property, located at 1150 McBride Ave., has approvals in place for a modern logistics facility at the nexus of Interstate 80 and Route 46. They will soon begin demolition on the existing 220,000-square-foot building, the former headquarters of Kearfott Guidance & Navigation, with vertical construction slated to begin this summer.
“We are extremely excited to be partnering on another great project with KRE,” said Jack Shulman, director of leasing, acquisitions and capital markets at Stro. “This is a quintessential infill location that 20 million people can be reached within a one-hour drive which makes it well suited for tenants focused on the last
mile.”
According to the developers, plans at the site call for a cross-docked facility with 36-foot clear ceiling heights and significant container and employee parking. Completion is slated for the end of the first quarter of 2022.
Stro and KRE said they can accommodate cold storage users at the building, citing their significant
added. “The
combination of
identifying viable
properties and
the land use
complexities
make this project
quite unique. The fact that we closed on this site with full entitlements and
A rendering of a 205,000-square-foot industrial building at 1150 McBride Ave. in Woodland Park
Jack Shulman
Rendering by KSS Architects/Courtesy: The Stro Cos.
Courtesy: Iron Ore Properties LLC/Nastasi Architects