RMS Cos. Begins New Jersey Redevelopment
- Jul 15, 2020
Real estate developer RMS Cos. has closed on the sale of a former salt factory site at 1255 Magie Ave. in Union Township, NJ. The company is underway on construction of a luxury rental apartment community on the site, its first venture in New Jersey. The closing took place last week and construction started Monday. The property is set to open in July 2021. Earlier this year, a JV gained financing to launch construction on another new New Jersey apartment community, dubbed Print House by Vermella in Hackensack.
The 153-unit apartment community will feature 51 one-bedroom, 97 two-bedroom and five three-bedroom residences. Among amenities will be a meditation room with a Hamalayan salt wall. The architect on the development is international architectural and planning firm Lessard Design. The cost of the project was not disclosed. Financing was provided by Connecticut-based People’s United Banks.
Getting the development to groundbreaking stage consumed more time than anticipated, as a result of the COVID-19 pandemic.
“Everything took a little longer,” Randy Salvatore, RMS Cos. president & CEO, told Multi-Housing News. “There wasn’t anything major that got in the way, but everything took a little longer, including approvals and architectural plans and engineering plans.
“People accustomed to collaborating in a typical way had to learn how to do that remotely. In terms of the construction, there are different safety protocols and cleaning approaches we have instituted, and we may run into supply chain issues on materials. But we’re moving forward. We’re excited to be moving into New Jersey.”
RMS Cos., which manages all construction, property management, sales, leasing and marketing in-house, is developing more than 1,500 apartments across Connecticut. The company is currently developing in downtown Hartford and New Haven, and is preparing to unveil this summer a 94-room luxury boutique hotel in Stamford.