MONTCLAIR, NJ-LCOR has closed on a Bloomfield Avenue commercial real estate development site where it will join with The Pinnacle Cos. to build a mixed-use complex at the western gateway of Montclair.
“This site presents the perfect opportunity to transform this thoroughfare into a flourishing and vibrant section of town,” said Kurt Eichler, LCOR's executive vice-president. The site, 638 Bloomfield Ave., is a former auto-dealership, where Montclair Township has approved a 304,271 square-foot development of residential, retail and office space.
“With LCOR's past experience in transit-oriented development and expertise in the northern New Jersey market, we understand and recognize the high demand for walkable, multi-use neighborhoods in prime locations such as Montclair,” Eichler said.
Pinnacle already has experience in Montclair, having built the nearby Siena mixed-use project. Brian Stolar, Pinnacle president and CEO, said the new project will be called CentroVerde and that it will be designed for LEED green-building certification.
It represents much of Phase I of Montclair's Center Gateway Development Plan and includes 259 residential units, 571 parking spaces, 23,055 square feet of office space and 22,340 square feet of retail space. A second phase is planned to include a boutique hotel.
Pinnacle joined with DCH Automotive Group, which had owned the land, in working with the township to create the redevelopment plan. The purchase by LCOR was contingent on obtaining all necessary development approvals.
The project is located within a mile of two NJ Transit commuter rail stations with direct service to Midtown Manhattan.
Montclair is situated 12 miles west of Manhattan and has a population of 39,000.
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