Rendering for Jefferson Place. – NAI JAMES E. HANSON
Diversified Properties has plans to bring a new multifamily property to Morris County following its acquisition of two lots in Jefferson.
Having represented the Montville-based developer in its purchase of the Hellers Lane parcels, which total 9.84 acres, NAI James E. Hanson announced the plans for Phase 1 of Jefferson Place Jan. 18.
Located just off Route 15 – and adjacent to a recently built QuickCheck – the initial phase will offer 32 one- and two-bedroom units, ranging in size from 855 square feet to 1,216 square feet with built-in den spaces housed in an elevator building, according to NAI Hanson.
“Our multifamily strategy has always been built around finding hidden opportunities in underserved markets like Jefferson,” said Nicholas Minoia, founder and managing principal of Diversified Properties, in a statement. “With the growing demand for modern residential communities in New Jersey’s western markets, we’re excited to utilize our in-house capabilities to construct a brand-new community that can meet the expectations of today’s residents.”
NAI Hanson Senior Vice Presidents John Schilp and Sigmund Schorr represented Diversified Properties and the sellers of each lot – Route 15 Properties LLC and Fifteen South Realty Co. LLC – in the transactions.
Amenities at Jefferson Place will include: an indoor fitness center, outdoor lounge and grilling areas, private garages and individual storage units
Schilp added, “It’s been tremendous to witness the emerging development landscape in western Morris County and Sussex County. Developers are always looking for the next great opportunity, so we’re proud to provide the services needed to help highly respected clients like Diversified Properties make investments to bring these communities to life.”
According to an ordinance adopted by the Township of Jefferson over the summer, the project is set to feature 72 residential rental units across two buildings.
The township estimates the project will create more than 40 construction jobs overall.
The property was also approved for long-term tax exemption status.
“The Property currently generates approximately $30,022 per year in real estate taxes to all taxing units,” the ordinance reads. “Upon completion, the project is estimated to generate an annual service charge of more than $202,835 per year, increasing over time, and netting approximately $11,056,659 to the Township over the total term of the tax exemption.”
Per the ordinance, offsite infrastructure improvements set to be completed as part of the project include: the repaving of Hellers Lane, the installation of sidewalks and lighting, and improvements to sewer service at the property.
