BDP Holdings LLC has unveiled plans for The Iris, a new ground-up development that would bring 124,000 square feet of office space, 8,000 square feet of retail space and structured parking to 641 Bloomfield Ave. in Montclair. — Renderings by Gensler/Courtesy: BDP
There’s a group of towns in New Jersey that have the ultimate name recognition for those who live nearby or even those outside the state. As many of our readers can attest, Montclair is clearly one of those communities, with the vast selection of shops, restaurants and cultural spots that line its downtown and residents who are as engaged as any in the state.
As you’ll read in this month’s cover story, Montclair is also increasingly popular with office tenants, but with a lack of Class A space, those requirements are largely going unmet. BDP Holdings aims to change that with a newly unveiled project known as The Iris, a proposed ground-up development that would include 124,000 square feet of office space, street-level retail and structured parking — all of it in the heart of the central business district.
The plan is all the more notable in that David Placek, BDP’s managing partner, is embarking on the project as a Montclair resident. That’s no easy task, as he readily admits, but he has seen the demand for office space only grow in downtowns with direct connections to the state’s highly skilled suburban labor pool.
“I think that’s why you’ve seen Morristown be so successful in those projects — they’re in the heart of Morristown, and the walkability to dining and the amenities, I think, is what employees are really clamoring for,” Placek said. “The suburban office environment of the 1980s, where you drive in and you stay in the building … and it’s got a cafeteria on the ground floor or the basement level — that’s not what employees are looking for in 2024 and beyond.”
Our February issue also highlights a new mixed-use development in the Passaic County borough of Hawthorne. Built by The Bedrin Organization and March Construction, the distinctive project has brought 118 luxury apartments, a Planet Fitness and a CubeSmart self-storage facility to a former industrial site, creating a combination that has fueled strong interest at the rental property, Hedges at Hawthorne, while bringing a new offering to the community just north of Paterson.
Elsewhere in this edition, we detail the growth of boutique fitness franchises — from familiar names like OrangeTheory, CycleBar and Club Pilates to newer concepts such as Stretch Lab and OHM Fitness. Real estate and fitness industry insiders say the studios, which offer group classes in one style of workout, appeal to customers and fit in a variety of retail layouts, helping draw traffic to surrounding stores. That’s provided a valuable source of leasing demand for landlords, seemingly with more growth to come as fitness trends continue to evolve.
You can find those stories and more in the latest issue of Real Estate NJ, including our coverage of NAIOP New Jersey’s recent Annual Meeting and Commercial Real Estate Outlook. It was a constructive setup for the year ahead, detailing the state of industrial, office and other asset classes. Equally notable, in my opinion, was the strong turnout at what is always one of the association’s premier events. It was a reminder of the industry’s continued strength and engagement, even in the face of some uncertainty.
Until next time, thanks for reading and enjoy the issue!
Joshua Burd
Editor
