Apartment Complex Set for 104-Acre Redevelopment Zone

Now, in the first new project announced for the combined 104-acre tract, Irving, TX-based homebuilder JPI has started work on a 290-unit upscale apartment complex that will cover 14 acres along Mohingson Creek. Unit sizes will range between about 750 and 1,300 sf and rents will be between $1,250 and $2,300 per month. The centerpiece of the complex will be a 5,600-sf clubhouse featuring a business center, a surround-sound theater, exercise facilities and swimming pool. The apartment units will be arrayed in a half-dozen, four-story buildings with elevators.

While JPI is currently developing apartment communities in almost two-dozen states, this is its initial excursion into the New Jersey market, according to W. Pretlow Riddick, the company's eastern division manager. "Architectural design will feature Victorian period detail," according to Riddick.

Target market for residents is expected to be the region's large commuter population, with the property's location adjacent to the commuter station the key draw. The Aberdeen-Matawan station is one of the busiest facilities on NJ Transit's North Jersey Coast Line, providing direct service to both Newark and Manhattan. The site is about 25 miles from Downtown Newark and 35 miles from Midtown Manhattan.

Indeed, support for the project is coming from NJ Transit, which has established a goal of creating a series of so-called "transit villages" at several key commuter points. A similar project is about to begin construction further north at the Morristown, NJ Transit rail station.

The timeline for the project calls for completion of initial units in the fall of 2001, with build-out slated for September 2002. Pre-leasing will begin this coming August.