The joint venture behind a new transit-oriented development coming to Somerset County is offering a closer look at The Rail at Bound Brook.
Denholtz Properties‘ and Redwood Real Estate Group‘s 143-unit Class A multifamily development coming to 100 Hamilton St. secured $32.45 million in construction financing in October. On Nov. 21, the partners revealed renderings for the property, which will include a mix of studio, one-bedroom, one-bedroom with den and two-bedroom residences.
Construction is slated to begin by the end of 2022 with completion expected in the second quarter of 2024.
According to the JV, Architects Minno & Wasko provided designs for the property, which is cognizant of “post-COVID-19 living,” offering extra work-from-home space and select units with outdoor balconies or terraces.
Preleasing kicked off at Denholtz’s The Rail at Red Bank earlier this year. Take a look at the mixed-use development in the city’s West Side neighborhood here.
In its announcement, the partners attributed Bound Brook’s emergence, in part, due to a $143 million flood control project completed by The Army Corp of Engineers in 2016 that effectively eliminated chronic flooding that had plagued the municipality. Since then, the borough and state have made efforts to attract real estate investment to the city, the partners said, including designating it as a Transit Village and releasing $2.2 million to create a one-block pedestrian plaza adjacent to the planned entrance of The Rail at Bound Brook.
“Recognizing and efficiently capitalizing on opportunities in the real estate market underpins everything that we do at Denholtz Properties,” said Denholtz Properties CEO Steven Denholtz in a statement. “With highly favorable local demographics, a strategic location and tremendous untapped redevelopment opportunities, Bound Brook is the perfect next location for us to execute our opportunistic investment strategy. We look forward to bringing The Rail at Bound Brook to life and helping the Borough to become a destination for residents and visitors alike.”
Minno & Wasko has offices in Lambertville and Newark. Denholtz Properties is based in Red Bank.