MADISON, NJ – A groundbreaking ceremony Monday morning marked the beginning of the new project site at Green Village Avenue and Main Street which will become “Rose Hall," a collection of 100 luxury rental residences, and “Madison Place,” a boutique collection of 35 condominium homes.
The ceremony was attended by Kushner Real Estate, Mark Built Homes, the Madison Board of Education and borough executives.
The Rose Hall portion of the project will also include ground floor retail/restaurant space and a 3,000-square-foot community center. The anticipated completion date is the second quarter of 2017.
Surrounded by dirt and machinery, Madison Mayor Robert Conley spoke at the ceremony. "This is a project that represents so much...to take a retired school and give it new life," Conley said. "Those same Madison baby boomers who attended Green Village School will now be able to enjoy it again as people who love Madison, love our downtown and may now want to downsize here."
Conley added,"This is one of the largest projects Madison has ever undertaken, we cannot make a mistake. We have the had the right planning and right partners to make this possible. It was important that we had a respect for our current downtown. The importance of this project was to compliment what we currently have, not compete with it."
“We’re thrilled today to be taking the next step in delivering a community that will offer modern residences and services in a location with convenient access to Madison’s train station and picturesque downtown,” said Jonathan Kushner, President of The KRE Group. “We know there have been discussions about how to best develop this underutilized property for quite some time, and we appreciate the confidence Mayor Conley, the Borough Council and the Board of Education have placed in us to execute our shared vision for a vibrant, revitalized property that will once again be an asset to the community.”
KRE and Mark Built Homes jointly acquired the five-acre property in January for $12mil from the Madison Board of Education, which in turn earmarked the proceeds for reinvestment in other school projects. "The development plan, in addition to the residential, retail and community spaces, includes landscaped outdoor gathering spaces. The overall design plan facilitates a pedestrian-friendly lifestyle that allows residents to walk to shops and restaurants in downtown Madison," said KRE.
"Opportunities to develop choice real estate near a train station in highly-desirable towns aren’t always easy to come by in New Jersey, so the KRE/Mark Built Homes partnership made acquiring this property and creating plans that would tap into its full potential a top priority. It is part of a strategic decision by both companies to pursue transit-oriented development opportunities. For Mark Built Homes, it is a formula for success the company has already executed in Summit, Morris Township and other nearby communities," KRE added.
“With a prominent location just outside the downtown of one of New Jersey’s top suburban communities, you really couldn’t ask for a better site for a project of this type,” said Michael Markovitz, President of Mark Built Homes. “Just like our work at Summit Place in Summit, James Place in Morris Township and the Heights at Tenafly, our goal is to provide a boutique residential offering that delivers homes of character and value, and ultimately enhances the overall appeal of the neighborhood for both new and existing residents.”
"This project is a circle of life," said Conley. "As a proud member of Green Village School's class of '68, this is the ideal spot for Baby Boomers, Gen X'ers and Millennials alike. The project will bring new life to this space and new people to town, eating in our restaurants, shopping in our downtown and using our train station."
Jeff Persky, Executive VP of The KRE Group added," We are extremely excited to be constructing Rose Hall in Madison. This is a unique opportunity to plan alongside the Borough and create a classic walkable residential/community oriented project in one of the New jersey's most desirable communities."
The project will generate significant dollars in municipality services for the borough as well as affordable housing funds during construction and property tax dollars on the condominiums.