By: Jeffrey Steele | Multi-Housing News
CHA Partners has broken ground on a new ground-up, mixed-use development in Bloomfield, N.J. The Royal will feature 210 apartments and 14 for-sale townhomes.
Also included will be 7,000 square feet of prime restaurant and retail space and a municipally owned parking garage to include spaces for approximately 300 vehicles.
The 372,000-square-foot development project is part of the Bloomfield Center Master Redevelopment Plan, designed to create a bustling town center in the city’s downtown core. CHA Partners assembled the development site by acquiring seven contiguous parcels and negotiating a series of public-private partnership agreements with the township of Bloomfield. This is Phase III of the three-phase redevelopment effort. The Royal is anticipated to open for occupancy in the middle of 2023.
A rooftop entertainment area will be among the project’s more prominent amenities.
CRITICAL MILESTONE
“CHA Partners since its founding has been headquartered in Bloomfield Center and has remained a strong advocate for the township’s downtown revitalization,” Bill Colgan, CHA managing partner, told Multi-Housing News.
“CHA recently hit a critical milestone at its neighboring project, Six Points at Bloomfield Station, having hit 100 percent leased earlier this year. This milestone, together with a strong partnership in the Township of Bloomfield, made it the right time and place for The Royal,” he added.
The Royal will rise in close proximity to the dining, shopping and recreation available in Bloomfield’s vibrant downtown district. At the nearby Bloomfield Train Station, residents will be able to board commuter trains traveling to New York City in 30 minutes.
To this point, the developmental process has not been without obstacles and headwinds. “CHA Partners had a multi-parcel assemblage and (resident) relocation efforts that needed to take place before construction could commence,” Colgan said.
“COVID also caused a shock to the pricing (and) timing in the delivery of construction materials that needed to be properly vetted before the project could proceed,” he added.
Earlier this week, CHA Partners kicked off another project, this one in Wharton, N.J.
