The sale of a Montclair redevelopment site has closed, paving the way for a mixed-use project at 638 Bloomfield Ave..
Cushman & Wakefield, Inc.’s Metropolitan Area Capital Markets Group announce that DCH Automotive Group sold the parcel, which for many years served as home to a car dealership, to a co-development partnership of LCOR and The Pinnacle Companies.
Located on the town’s west end, Phase I of the redevelopment plan is to include 259 residential units, 571 parking spaces, 23,055 s/f of office space and 22,340 s/f of retail.
The project will incorporate an existing parking deck on the site. A second phase of the redevelopment will include a boutique hotel.
The new ownership plans to develop the entire property to LEED green building standards.
“Downtown Montclair’s urban renaissance is well underway and picking up momentum, with a number of local initiatives, which will be further enhanced by the new upscale residential, retail and office components of Phase I of the Montclair Center Gateway Redevelopment Plan,” noted Cushman & Wakefield’s Brian Whitmer, who handled the assignment with team members Andrew Merin, David Bernhaut and Gary Gabriel.
“This is a premier, highly visible site prime for mixed-use development,” Whitmer added. “It sits at the intersection of Valley Road – within walking distance to a Whole Foods, many exciting restaurants and shops, and an NJ Transit commuter rail station servicing Manhattan commuters.”