Development of a housing and retail complex for MSU students on Bloomfield Ave, estimated to cost $100 million, has been abandoned by the developer.
“I had communication from one of the developers, Pinnacle, and they said it’s not moving forward,” Mayor Jerry Fried told Baristanet.
The downtown area, at Bloomfield Ave and Valley Rd, will now be redeveloped by Montclair Township designated as a redevelopment area, which would open possibilities to outside developers, Fried said.
The developer, Capstone Companies, “was bidding on several projects, including one on housing for 2000 students at MSU,” Fried said. “Building that would be significantly cheaper than doing it on a piece of real estate like the DCH site on Bloomfield Ave, and that might have something to do with the change of plan.”
New legislation passed by NJ last summer allows MSU to have dorms built for them, by private firms, on Montclair State land.
The township “and the developer, Capstone Companies, spent a lot of time coming up with a plan (for the MSU dorms) that was workable, that would bring income to the town and pay for itself, but a change in state legislation and other factors” have contributed towards the firm and local developer Pinnacle, which handles luxury condo and urban redevelopment projects, to shelve the project, Montclair Township’s 3rd Ward Councilor Nick Lewis said.
The dorm plan would have provided housing for 800 senior students and some juniors, given a fillip to local retailers and infused a college-town feel to the area.
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