Opening dates unveiled for first part of $50M mixed-use development

By next month, developers say a $50 million suburban retail and residential hub will have feet on the street.

Developers for Madison Farms, one of the largest mixed-use projects under construction in the Greater Lehigh Valley, are accepting leases for first part of the residential portion. The 100-acre property also includes a ShopRite supermarket, slated to open late July/early August, with Starbucks expected to open Aug. 1. Construction costs for the first part of the retail component alone are about $50 million.

The Silverman Group, a real estate company in Short Hills, N.J., partnered with Kushner Real Estate Group in Bridgewater, N.J., to develop the project, which has been in the planning stages for years.

Once fully built, the property will have more than 800 luxury residences and 140,000 square feet of retail space on Freemansburg Avenue near Route 33.

Signed retail tenants include Supercuts, Subway, Elements Massage, Lightbridge Academy, Pet Valu, Provident Bank and Verizon Wireless, said Jeremy Kaplan, chief operating officer for KRE Group.

“We just opened our leasing office this past weekend,” Kaplan said. “The retail site up front has definitely generated interest. The initial interest in the apartments was strong.”

Kaplan said people could move into the apartments by late July and early August. The first building of 39 apartment units is available for lease, and by the time tenants move in, the next building of 39 units will be ready, he said. The clubhouse, fitness center, yoga room and outdoor pool also should open next month.

The first part of the residential portion of the project includes construction of 294 apartments, followed by 276 units in the next part, Kaplan said. Future construction includes townhouses, single-family homes and carriage houses.

The apartments are one- and two-bedrooms, with additional den and loft layouts available in select units.

Rental units range in size from 790 square feet to 1,375 square feet and prices start at $1,295 per month. Features include laminated hardwood floors in the living areas, front-loaded washers and dryers and carpeted bedrooms.

Kaplan sees continued strong interest in the region’s luxury rental market.

“We’ve been working in the Lehigh Valley for quite a few years now,” Kaplan said. “Overall, we’ve seen the community’s interest is strong there. We are well-leased at both of our existing sites.”

These KRE Group properties are the upscale apartment communities Liberty Park in Allentown and Parkland View in Upper Macungie Township.

Source: LVB