Iron Ore Properties welcomed local officials on Tuesday, April 18, to mark the opening of a new 120-unit luxury apartment building at 1000 North Ave. in Plainfield.
By Joshua Burd
Iron Ore Properties has taken the wraps off a new 120-unit apartment building in Plainfield, where residents are steps from both NJ Transit rail service and one of the city’s largest parks.
The developer and its joint venture partner, AMJ Capital, welcomed local officials on Tuesday to mark the debut of the five-story property at 1000 North Ave., which has revitalized a former warehouse site. They also hailed it as the latest piece of Plainfield’s fast-growing stock of luxury rentals, as the municipality pushes redevelopment around its two train stations and in other key neighborhoods, seeking to lure new residents and new investment.
“The city set forth a vision for what they wanted to see here,” said Josh Mann, co-managing member of Millburn-based Iron Ore, praising Plainfield Mayor Adrian Mapp, the city council and the city’s land use and economic development teams. He added that New Jersey’s population is growing despite the region’s vast undersupply of housing — to the tune of 350,000 units — but said the Union County city is doing its part to address that shortfall.
“There is a demand to live here in the state of New Jersey, and we have to meet that demand,” he said. “And it’s places like Plainfield that are leading the way to ensure that that demand continues to be met.”
Mann, who was joined by partners Josh Sternberg and Brandon Boffard, also highlighted the project’s general contractor, Deugen Development, and a design team led by Nastasi Architects. They were among those on hand to tour the collection of spacious studio, one-bedroom and two-bedroom units and amenities such as a 20,000-square-foot deck, a resident lounge, co-working space and conference rooms.
One of the biggest perks, the adjacent Netherwood Station, was on full display as trains rumbled past the building during remarks by Mapp and other city officials. The mayor also pointed to the draw of Seidler Field directly across the street.
“We want to make sure that we give our residents the absolute best,” Mapp said. “And we can only do that if we have great partners who believe in the vision and who are going to come here and invest their dollars.
“So, to Iron Ore and to all of the other developers who are coming to Plainfield and are literally beating down our doors to come here and invest, I want to say thank you, because Plainfield has been waiting for too long. And now that we are at this stage, we are going to continue to move our city forward.”
Other amenities at 1000 North include a fitness center with training technology, multiple entertainment and lounge areas and a package room with smart technology, plus secure, on-site covered parking and building-wide WiFi and smart lock systems.
“We are one of less than 35 Transit Villages that are designated by the state, and we are one of the few cities that actually has two train stations,” said Zenobia Fields, director of Plainfield’s economic development department. “So what that means, when we’re looking at a transit village or a transit-oriented development, is that we have been identified as an active destination where people can live, work, dine and play. And because of Iron Ore Properties, we have an opportunity to potentially do all of that right here in this building.”
Iron Ore and AMJ helped finance the development using equity tied to the federal Opportunity Zone program, which provides tax benefits to investors who direct capital gains to projects in certain low-income or distressed census tracts. 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.
Iron Ore, AMJ eye start of 120-unit rental project in Plainfield after site acquisition
