Developers Mark Yeager and Normandy Real Estate Partners have broken ground on their second office and retail building in downtown Summit, the firms said.The four-story project by Yeager’s firm, MRY Associates and Normandy will include 28,000 square feet of office space and 4,500 square feet of ground-floor retail on Springfield Avenue, according to a news release. They expect construction to be complete by next spring, with site work now underway after demolition of an existing structure.
In a prepared statement, Yeager said the site’s location in Summit’s central business district “has proven to be a huge draw for businesses and merchants in the area.” The brick-façade building will be two blocks from an NJ Transit station.
“We’re eager to watch this state-of-the-art building rise out of the ground in the coming months, providing Summit with an infusion of in-demand, high-quality Class A commercial space,” Yeager said.
The project is the second joint venture between Yeager and Morristown-based Normandy. In 2012, the firms redeveloped a former medical building into a new 65,000-square-foot office building.
ALSO ON NJBIZ:
Federally funded program helps N.J. hospitals reduce infections, other preventable complications
Small Business Week: A look at how some companies are surviving and thriving
Report: N.J. third-least tax friendly state in nation