LCOR announced today that it has closed on construction financing for its 304,271 sq. ft. mixed-use project at 638 Bloomfield Ave. in Montclair, NJ. LCOR secured a construction loan for over $49 million from Wells Fargo for the site which broke ground on November 12.
“638 Bloomfield Ave. presents an extraordinary opportunity to revitalize an underutilized area by extending this walkable community and creating an impressive gateway into the township’s historic downtown business district,” said James Driscoll, senior vice president of Development at LCOR. “LCOR has an award-winning history in New Jersey’s suburban market, combined with decades of experience creating contextual, pedestrian-friendly communities. With this prior expertise, we are confident this project will enhance and support the tight-knit community feel that makes Montclair so unique.”
LCOR and The Pinnacle Companies will be redeveloping the land at 638 Bloomfield Ave. into a multi-use property providing a mix of new residential, retail and office space. This project is located within approximately one mile of two NJ Transit commuter rail stations with direct service to Midtown Manhattan.
638 Bloomfield Ave., which currently stands as Phase I of the Montclair Center Gateway Development Plan, is comprised of two buildings which will include a total of 259 residential units, 23,055 sq. ft. of office space, 22,340 sq. ft. of retail space and 571 parking spaces. The intent of Phase II will likely be a build-out of a boutique hotel by The Pinnacle Companies.
The site represents a significant portion of the 4.1-acre Montclair Center Gateway Redevelopment Planning Area. The redevelopment plan was approved in November 2011 by the Township of Montclair accommodating the proposed development in its efforts to implement mixed-use, smart growth redevelopment in its downtown. Phase I is slated for completion in 2015.