212 Durham Avenue
Update
07/08/24
Dev Lands $71M Loan for Metuchen Multifamily Project
Developer, , has just secured a $71 million loan for a 5-story, multifamily development, set to rise at 212 Durham Avenue in Metuchen, New Jersey. Issued by Northwestern Mutual, this influx of capital will be used to fund construction costs. The building itself will contain rental apartments, offered in studio and one to three-bedroom configurations. Approximately 15% of these units will be dedicated to affordable housing programs. Designed by , with to serve as the general contractor, the structure will stand feet tall and total square feet.
Tenant amenities are to include a fitness center, an outdoor pool and courtyard, and a dog park. The development will also feature an enclosed garage, as well as various parking areas surrounding the building. Combined, these areas will provide enough room for vehicles.
In addition to bringing new housing to the area, a major benefit of this project is that it will restore access to a 32-acre wildlife preserve, known as "Dismal Brook Preserve". Plans call for a recreational area to be constructed on the preserve, featuring boardwalk trails, a footbridge for traversing the brook, a bird-watching tower, interpretive signage, a public entrance, and a dedicated parking area with bike racks.
The project will completely redevelop (and rezone) an industrial lot, previously occupied by an assortment of small factories. A total of three separate buildings were razed at the site. Construction should begin soon and the project is ultimately expected to complete by the fall of 2025.
