The development has a total of 215 apartments, including studios and two-bedrooms. Ten percent of the apartments are reserved for low-income households. The building is so far one-third leased, with all studios rented, said a spokesperson.
Third & Valley is a green building, constructed with using local, recyclable, and renewable materials. Amenities include a fitness center, a landscaped courtyard with outdoor kitchen and pool, a clubroom and a “yoga lawn.” Half of the 3,000-square-foot, ground floor retail space has been leased by Artistry Salon and the other half will likely be occupied by a cafe with an outdoor patio.
In attendance at the ceremony were South Orange officials including Village President Sheena Collum, Township Administrator Barry Lewis, Trustee Walter Clarke, DPW Director Tom Michetti, and executive director of the South Orange Village Center Alliance (SOVCA) Bob Zuckerman.
Collum said the building marked an “incredible transformation for the entire community,” and noted that it has “attracted a high caliber of developer [who] want to set up shop here.”
The building is “a milestone in the renaissance of South Orange,” said Lewis, who praised the Jonathan Rose Company’s commitment to quality and excellence throughout the process.
“It all starts at the top,” Lewis said. Gesturing toward Rose, Lewis said, “This whole thing is a testament to you and your leadership.”
Lewis thanked past Village Presidents including Doug Newman and Alex Torpey, as well as the South Orange Planning Board and development committee, for being instrumental in helping the building become a reality.
Rose said his company had been committed to this “special project,” which he referred to as a “grandchild building;” i.e. one a developer builds to last forever. By constructing Third & Valley, his company was “investing in the future of South Orange.”
Collum noted the project’s public/private partnership, with South Orange contributing the property and the developer providing 250 public parking spaces, a $440,000 contribution to the town’s affordable housing obligation, and $1.1 million toward construction of the new South Orange Rescue Squad headquarters.
Learn more in this press release:
South Orange, NJ – September 19, 2016 – Jonathan Rose Companies, a leading green real estate development, investment and project management firm, in conjunction with Bozzuto, a full-service real estate and property management firm, jointly announced today that Third & Valley, located on 153 Valley Street in Orange, New Jersey, has signed leases on 30% of the apartments since leasing officially began in July. Offering the perfect mixture of urban living and a relaxed village lifestyle, the property is situated within walking distance of restaurants, boutique stores, a community theatre and outdoor spaces.
The five-story apartment community was developed by Jonathan Rose Companies and designed by architecture firm Torti Gallas & Partners, as part of the Township of South Orange’s Village Center Vision Plan. The development has a total of 215 apartments, which range from studios to two-bedrooms featuring state-of-the art interior design and amenity packages. Ten percent of the apartments are reserved for low-income households earning less than 60% of the area median income.
Third & Valley’s prime downtown South Orange location offers an easy commute to and from New York City – less than 30 minutes — with an entrance lobby conveniently located across the street from the South Orange NJ Transit station. Located in the foothills of the Watchung Mountains, Third & Valley is also an ideal spot for those who love the outdoors. South Mountains Reservation, with the over 2,000 acres of creeks, waterfalls and mountains, is situated less than two miles from the property.
The mixed-use property has 3,000-square-feet of retail space on the first floor, which has been divided into two distinct spaces. Sabre Realty, the commercial broker for the property, has signed Artistry Salon as the first commercial tenant. They have taken 1,504-square-feet, which is currently under construction; the salon is targeting a Winter 2016 opening. The remaining 1,496-square-foot space will likely be occupied by a café which can make use of the outdoor patio.
“South Orange has seen quite an influx of new residents in the city, and Third & Valley is perfectly poised to offer these residents high-class services in an environmentally conscious property,” said Toby Bozzuto, president and CEO, Bozzuto. “All of the appliances used throughout the property – from outdoor lighting to residents’ showers – are as energy efficient as possible.”
Third & Valley apartments feature kitchens designed with stainless steel appliances, rich wood cabinets, sleek backsplash, and Daltile countertops. Bathrooms are equipped with a soaking tub, tile floors, and Quartz countertops. Throughout each apartment, a resident will find modern interior design and finishes, hardwood-style floors, a washer and dryer, and expansive windows and terraces overlooking a landscaped courtyard and pool.
“Third & Valley serves as a new standard of excellence for transit-oriented development in Northern New Jersey,” said Fred Harris, Managing Director of Development for Jonathan Rose Companies. “Like all of our projects, healthy living, sustainable design and energy efficiency were hallmarks of the development plan.”
A property focused on green living, Third & Valley was designed to meet LEED® Gold Standards. Apartments are outfitted with programmable thermostats and individual unit sub-meters for personal comfort. Energy-efficient lighting and ENERGY STAR appliances, motion light sensors in common areas and double-glazed low-E windows that provide excellent insulation, all make Third & Valley a forerunner in green living.
The water focused property utilizes green roofs for storm water management, ground level river stone basins for infiltration, and an underground retention tank to reduce environmental impact. Each of these initiatives create 30% water reduction and low-flow fixtures lower utility bills.
Building amenities include a residential lobby with a fireplace, landscaped courtyard with an outdoor kitchen and pool, a yoga lawn and a two-floor clubroom. Third & Valley offers residents a pool on property. Additional resident amenities include on-site concierge, 24-hour emergency maintenance, BuildingLink – an innovative resident communication tool, package acceptance, dry cleaning, mobile scheduling of services, priority discount card at local shops and restaurants, loaner tools and mobile rent payment. The top-notch services provided by Bozzuto at Third and Valley also include direct access to enclosed parking garage, bike storage, a dog-washing station and high-tech building and community security.
Third & Valley leasing office, managed by Bozzuto, is now open at 153 Valley Street, South Orange, NJ 07079.
Bozzuto is a full-service, nationally recognized real estate company focused on creating extraordinary experiences of home and community. Our expertise in multifamily, mixed-use development, construction, management, and homebuilding allows us to create places that enhance the lives of our residents and the communities in which they live. In 2016, for the second year in a row, Bozzuto was named the Top Property Management Company for Online Reputation by Multifamily Executive and J Turner Research.
Privately held and family run since its founding almost thirty years ago, Bozzuto has acquired, developed, and built more than 42,000 apartments and homes. Currently, Bozzuto manages more than 54,000 apartment residences and approximately two million square feet of retail space. For more information, follow Bozzuto on Facebook, Twitter @Bozzuto, LinkedIn. Read and follow Tom Bozzuto’s blog here.
About Jonathan Rose Companies LLC:
Jonathan Rose Companies, Inc. is an award-winning real estate investment, development and project management firm whose mission is to repair the fabric of communities. The firm is nationally recognized for its ability to achieve visionary goals through practical, duplicable strategies. The firm acquires, develops, and acts as a consultant to assist not for profits with transit-oriented, green, mixed-income residential, innovative office, civic, education and health serving projects. Jonathan Rose Companies has developed more than $1.8 billion of real estate projects from offices in New York, Connecticut, Colorado, the Pacific Northwest and New Mexico. For more information, visit www.rosecompanies.com.
About Rose Affordable Housing Preservation Fund:
The Rose Affordable Housing Preservation Fund acquires and preserves existing affordable, mixed-income and workforce family housing in high-demand markets across the U.S.