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Pinnacle to Co-Develop Montclair NJ site with LCOR, Acquirers of the Mixed-Use Redevelopment site

08/20/2013
LCOR Acquires a Mixed-Use Development Site in Montclair, NJ to be Co-Developed​With The Pinnacle Companies Located at 638 Bloomfield Avenue, the site is Phase I of the Montclair Center Gateway Redevelopment Plan MONTCLAIR, NJ (August 2013) - LCOR, a fully-integrated real estate company specializing in property development, investment and management, has closed on a development site currently located at 638 Bloomfield Ave., for the development of a 304,271 sq. ft. mixed-use property in Montclair, NJ. Representing Phase I of the Township’s vibrant Montclair Center Gateway Redevelopment Plan, LCOR will be co-developing the site with The Pinnacle Companies to provide a viable mix of new residential, retail and office space further expanding the walkable area within the community. “This site presents the perfect opportunity to transform this thoroughfare into a flourishing and vibrant section of town,” said Kurt Eichler, Executive Vice President of LCOR. “With LCOR’s past experience in transit-oriented development and expertise in the Northern New Jersey market, we understand and recognize the high demand for walkable, multiuse neighborhoods in prime locations such as Montclair.” “Pinnacle, which is headquartered in Montclair, has had a strong presence in the Township for many years, having completed the Siena mixed-use project and we are excited to commence the development of this project together with industry leader LCOR, said Brian Stolar, President and CEO of The Pinnacle Companies. This new mixed-use development will be called CentroVerde at Montclair and it will be a next generation LEED community. LCOR and The Pinnacle Companies plan to redevelop the land at 638 Bloomfield Ave. into a multi-use property. 638 Bloomfield Ave., which currently stands as Phase I of the Montclair Center Gateway Development Plan, will include 259 residential units, 571 parking spaces, 23,055 sq. ft. of office space and 22,340 sq. ft. of retail space. Phase II will result in the likely build-out of a boutique hotel by The Pinnacle Companies. The project site currently located at 638 Bloomfield Ave. represents a rare and unique opportunity for LCOR and The Pinnacle Companies to develop an extraordinary asset in Montclair, a thriving, walkable city. The site is in a highly visible location on Bloomfield Avenue in the heart of the amenity-rich, central business district of Montclair. The project is located within approximately one mile of two NJ Transit commuter rail stations with direct service to Midtown Manhattan. The site represents a significant portion of the 4.1-acre Montclair Center Gateway Redevelopment Planning Area, in which a redevelopment plan was approved in November 2011 by the Township of Montclair accommodating the proposed development, in its efforts to implement mixed-use, smart growth redevelopment in its downtown. The Pinnacle Companies on behalf of the land owner, DCH Automotive Group, worked alongside the Township of Montclair in the adoption of a redevelopment plan for the current site at 638 Bloomfield Ave. The ultimate purchase of the site was contingent on obtaining all necessary development approvals. “The Township of Montclair is thrilled LCOR and The Pinnacle Companies are developing a magnificent addition to our community. New residential, new commercial and new retail all providing new jobs,” said Montclair Mayor Robert Jackson. “We have great plans for our downtown and this new development is an integral component. We enthusiastically welcome this project and the wonderful residents and merchants it will bring.” Montclair is located in Western Essex County in New Jersey, approximately 10 miles outside of Manhattan. With a population of about 39,000, Montclair is an extremely family oriented community. Montclair Center is the main commercial zone of the town, centered on the intersection of Bloomfield Avenue, South Fullerton Avenue, Glen Ridge Avenue and Church Street; this is also known as the Six Corners where the best restaurants, shopping and entertainment can be found. Residents are minutes from the NJ Transit commuter rail with direct access to New York’s Penn Station. About LCOR LCOR is a fully integrated real estate company with a mission to create better places to live, learn, work, travel and play. In 2012 LCOR recapitalized the company with the California State Teacher’s Retirement System and the resulting new platform, with a significant asset and capital base, is poised for strategic portfolio growth. LCOR specializes in core urban development and acquisition / redevelopment opportunities where assets can be repositioned or rehabilitated to add value. The company is a pioneer and leader in public/private development, including government spaces, aviation facilities and infrastructure. LCOR’s real estate operating and development business manages approximately 8,000 multifamily units, 7.5 million square feet of commercial space and a substantial development pipeline of mixed use real estate in core markets. Nationally, LCOR has developed more than 21,000 residential units and 18+ million square feet of commercial space. LCOR is principally focused in the eastern United States, with offices in New York City and the Washington D.C. and Philadelphia metro areas. About The Pinnacle Companies The Pinnacle Companies is among the most respected real estate development and investment companies in the industry, known as an innovator able to anticipate trends in an ever changing real estate market and create "what's next" in luxury residential communities. The award winning company has built an enviable reputation in the sale and rental of luxury active-adult and custom housing, as well as office, retail and mixed-use markets. Since its founding in 1984, Pinnacle has built in excess of 7000 homes, condominiums and multi-family rental residential units, including significant mixed-use communities. ###
08/19/2013 - 16:08

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