A development site at 65 Church St. in Montclair — Courtesy: JLL
By Joshua Burd
Bijou Properties has completed its acquisition of a development site in downtown Montclair, under a transaction arranged by brokers with JLL.
The real estate services firm on Monday announced the sale of the parcel, located at 65 Church St., after marketing it on behalf of Kensington Senior Living. Spanning 0.83 acres, the site is within the town’s Hahnes Redevelopment Zone and provides the opportunity to build a boutique property with ground-floor retail and up to five stories of residential space above.
The JLL capital markets team representing the seller included Jose Cruz, Marc Duval, Stephen Simonelli, Kevin O’Hearn, Michael Oliver and Mark Mahasky. The announcement did not detail Bijou’s exact plans for the property, although published reports say the Hoboken-based developer has been seeking approvals for a project that includes 74 apartments.
“We had a great response to the offering given it is a multi-housing development in Montclair,” Cruz said. “The investors were driven by the strong demographics in town.”
In a news release Monday, JLL touted the site’s proximity to Montclair’s vibrant downtown and its shopping and dining offerings.