JMF Emerges as 2016 TOD Leader
- Dec 07, 2016
Whippany, N.J.—JMF Properties has emerged as one of New Jersey’s most sought-after transit-oriented developers in 2016, with municipalities such as Maplewood, Berkeley Heights, Sleepy Hollow, Emerson, Raritan and Bayonne, designating it the redeveloper of a number of high-profile projects.
“The adoption of transit-oriented development continues to spread throughout the state as government and municipal stakeholders recognize the lasting positive impact this type of development has on their towns,” said Joseph Forgione, president & CEO of JMF Properties, in prepared remarks. “Market demand for locations with walkable access to downtown shopping, restaurants, conveniences and mass transportation is also on the rise. The two forces are creating meaningful opportunities to urbanize appropriate suburban locations with mixed-use development that creates a convenient, vibrant, connected lifestyle. This is our core business, and we appreciate the trust these municipalities have placed in us to deliver a dynamic new asset to their towns that will reap benefits for years to come.”
Currently planned JMF developments range in size from 284 luxury apartments in a four-story building to 20 modern rental residences in a classic American downtown setting. The company has already broken ground on a number of mixed-use developments, including four properties located near NJ Transit rail stations; the lease-up of Estling Village, a 100-unit rental community located steps from the Denville train station; and initial work on multiple other large-scale developments.
In Sleepy Hollow, JMF has begun construction on 212 rental residences between the historic Netherwood and Fanwood train stations. The community will include an electric charging station, garage parking, a dog park and a bike share program. Leasing is expected to start in fall 2017. In Maplewood, a collection of 20 modern rental residences is being built atop a 10,000-square-foot ground-floor retail space.
In Berkeley Heights, JMF will break ground this winter on a 150-unit rental community at the train station, located within walking distance of downtown. In Emerson, a total of 147 residences and 20,000 square feet of development will be built, featuring amenities such as courtyard seating, a fitness center and a clubroom. In Raritan, JMF will build a 284-unit luxury community featuring a pool, a yoga and spin room, a fitness center, a theater, a car charging station and an indoor parking garage. Lastly, in Bayonne, the company secured the redevelopment of a 40-acre portion of Harbor Station, expected to feature townhomes and a retail component.
“There are 565 municipalities in New Jersey, and each one is different from the next,” added Forgione. “From architectural design to density to bedroom count to amenities and retail uses, we develop an integrated plan that will both meet consumer demand and enhance the local landscape, not to mention the local tax base. We work closely with residents, elected officials and community leaders to ensure desired results.”
Images courtesy of JMF Properties