● pinnacle companies
Montclair hotel JV
The Pinnacle Companies announced a joint venture with The Hampshire Companies to develop The MC hotel in Montclair.
Chicago-based Aparium Hotel Group will manage the hotel.
The 148-room luxury boutique hotel will break ground in the spring of 2015, and will include a rooftop bar, farm-to-table restaurant, conference center and a public art atrium.
Norman A. Feinstein, vice chairman of The Hampshire Companies, said, “Montclair continues to undergo a dramatic resurgence and its vibrant culture and community played a lead role in Marriott International selecting it for its renowned Autograph Collection portfolio.”
The Hampshire/Pinnacle team will submit final construction plans in March, with an anticipated spring groundbreaking.
The hotel is part of the CentroVerde mixed use development by Pinnacle and parnter, LCOR.
CentroVerde at Montclair will include a mix of new residential, retail and office space. Phase I will include 259 apartments, 571 parking spaces, 23,055 s/f of office space and 22,340 s/f of retail space.
Bridge Partners have a plan
Greiner-Maltz of New Jersey announced the sale of the former Tuscan Dairy site, located at 750 Union Avenue, Union, NJ, to Chicago-based Bridge Development Partners LLC.
Ray Musalo, managing partner of Greiner-Maltz, represented both the buyer and the seller, Industrial Realty Group.
Bridge Developments plans to demolish the existing structures on the property and then build a 263,415 s/f state-of-the-art distribution center. Greiner-Maltz will be jointly marketing the property with JLL. The project is located within six miles of the Port of New Jersey.
“This is a premier opportunity in the New Jersey market,” said Bridge principal Jeff Milanaik.
“We are focused on finding infill opportunities in North and Central New Jersey that have previously been overlooked due to the complexities of the property. These markets are experiencing a strong demand for quality Class-A industrial facilities. This highly desirable project fits that need and will showcase the type of product we will continue to deliver in the Northeast.”
Cornerstone Architects will do architectural and structural design, with Premier Design and & Build National, LLC serving as general contractor.
This is the first major project for Bridge since opening a new office in Parsippany, NJ, in September 2014.