Units
120
SF
250,000
Capitalization
$70 million
Status
Predevelopment
Role
Owner & co-developer
Partners
Melillo Equities
Contractor
Avacon Builders
Suburban Transit-Oriented Development Fund
Somerset County, NJ
In partnership with Melillo Equities (www.melilloequities.com), Pointsfive is overseeing a $20 million discretionary fund dedicated to the identification of opportunistic transit-oriented opportunities in Somerset County, New Jersey. Currently, the fund is overseeing entitlement and development of two suburban transit-oriented master-planned mixed-use developments in the towns of Gladstone and Bernardsville. The projects include market-rate and affordable housing, office, retail, and parking. Combined projects total 8 buildings, 250,000 square feet, and 120 residential rental units. Entitlement achieved for one site, zoning approval for the other site anticipated in 3Q2021. Anticipated ground-breaking in 2022. Several other strategic properties in the county are targeted for acquisition.
