Multifamily developers LeCesse Development Corp. and MAS Development Group, based in Altamonte Springs, Fla. and Elizabeth respectively, announced the groundbreaking of Vinty – a Class A multifamily community in Elizabeth representing a $91.5 million investment toward the transformation and redevelopment of the city center.
Short for “Vintage City,” Vinty celebrates Elizabeth’s 350-year-old history and will consist of 267 units over four stories of wood frame residential atop a podium parked garage, complete with more than 37,000 square feet of ground floor retail and office space.
The property is situated in proximity to public transportation and walkable amenities including the Elizabeth train station, which is currently undergoing a $71 million renovation to enhance customer experience featuring new 12-car passenger platforms, a station building, elevators and increased accessibility. Newark Liberty International Airport is 5 minutes by rail or driving, and Newark Penn Station is reachable within 10 minutes.
Holliday Fenoglio Fowler, which became part of Jones Lang LaSalle, sourced the financing for the project with equity provided by Marble Capital out of Houston, Texas. Financing was provided by Citizen’s Bank.
The architect is Humphreys & Partners Architects and general contractor is March Associates out of Wayne. Neglia Engineering serves as the civil engineering firm and Prestige Environmental is the environmental consultant on the project.
Sabre Real Estate and Colliers International are the brokers for retail and office.
Residences will become available for lease beginning in the spring of 2021.d