A rendering of Jersey Walk in Elizabeth, NJ. A rendering of Jersey Walk in Elizabeth,NJ.

|

ELIZABETH, NJ—CMT Developers, LLC of Lakewood, NJ has secured a$56-million construction loan from Los Angeles-based ParkviewFinancial for the first phase of the Jersey Walk development herebeing built on the former Elizabeth General Hospital site.

|

The Elizabeth General Hospital was shuttered more than twodecades ago. The mixed-use project at 901 E. Jersey St. will bedeveloped on a 5.41-acre site. Construction on phase one has begunwith completion anticipated for Spring 2021.

|

Phase I of the project is planned for two, six-story buildingstotaling 218,292 square feet and will include 274 studio,one-bedroom, and two-bedroom units and 3,000 sf of ground-levelretail space.

|

The apartment units will feature engineered hardwood/vinylflooring, full kitchen with stainless steel appliances, quartzcountertops and in-unit washer and dryer. On-site amenities willfeature an indoor pool, gym, conference area, business center,theater, multiple resident lounges, dog park, kitchen area,community garden, yoga room and rooftop lounge. A 540-spacefree-standing parking garage has been retained from the originalhospital development and will be renovated and opened for tenants'use.

|

"CMT Developers is an experienced firm with a track record ofsuccess in mitigating issues with challenging sites. The company'splan demonstrates a commitment to delivering this infill site toits highest and best use," says Paul Rahimian, president and CEO ofParkview Financial. "As a result of smaller unit floorplans whichaverage 683 square feet, CMT will be able to provide residents withluxury multifamily units and superior amenities at a lower pricepoint."

|

Rahimian adds that the submarket is seeing a high apartmentoccupancy rate of approximately 98%, demonstrating a high demandfor multifamily housing.

|

Located on E Jersey Street and near the major cross street ofSpring Street, the site is within walking distance of the CitiGrocer, the Elizabeth Avenue business district, the Elizabeth TrainStation and other public transit options, as well as a number ofretail and dining amenities.

|

Phase two is planned to include two, six-story buildings and 240units. The construction schedule for phase two has not yet beendetermined.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.