MONTCLAIR, NJ – The sale of a Montclair redevelopment site has closed, paving the way for a mixed-use project at 638 Bloomfield Ave., announced Cushman & Wakefield, Inc.’s Metropolitan Area Capital Markets Group. DCH Automotive Group sold the parcel, which for many years served as home to a car dealership, to a co-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 square feet of office space and 22,340 square feet 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.”
Cushman & Wakefield's Metropolitan Area Capital Markets Group specializes exclusively insales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Connecticut, Pennsylvania, and Delaware. The team has completed more than $17 billion worth of transactions since 2000.