Bennett, EDEN Form Joint Venture for New Jersey Community
- Aug 11, 2020
Developers Bennett Realty & Development (BRD) and EDEN Property Co. have joined forces to bring a transit-oriented community with 104 market-rate apartment units to the city of Plainfield in Union County, N.J. The project, 803 South Ave., is located a short walk from NJ Transit’s Netherwood train station on the Raritan Valley Line.
Designed by Minno Wasko, the project received approval from Plainfield’s planning board in June. The five-story, 57-foot building will sport a brick exterior with cement panels on a 1.4-acre site, currently home to Nerpac Auto Body. The development will also include 4,000 square feet of indoor amenity space, 8,009 square feet of outdoor amenity space and 870 square feet of commercial space along with covered parking for 115 vehicles.
Neighboring the new project is Netherwood Flats, a four-story apartment complex under development at 829 South Ave. Paramount Assets broke ground on the 70-unit community in late 2019 and completion is slated for 2021. Both projects fall within the Transit Oriented Development Netherwood—South Avenue Redevelopment Plan, which the city formed in 2017 to create a pedestrian-friendly zone with commercial and high-density residential space.
Up the street at 1400 South Ave., JMF Properties opened the new 212-unit luxury rental property Quin Sleepy Hollow last October. The developer launched leasing for the second and final phase of the community this past June, describing leasing of the first phase as an “overwhelming success.”
Plainfield has a population of around 50,000 with an owner-occupied housing unit rate of 46.2 percent in 2014 to 2018, according to data from the city government’s website. Yardi Matrix data indicates that the median household income within a 3-mile radius is $82,032.
Real estate developer RMS Cos. recently acquired a former salt factory site in Union Township, N.J., which it will redevelop into a luxury rental community.