Developers lease second apartment building in $50M project

The first two luxury apartment buildings in a 100-acre mixed-use property in Bethlehem Township are fully leased, according to the developers of the $50 million project.

KRE Group and The Silverman Group made the announcement regarding Madison Farms, a development which includes a clubhouse and retail village with Pet Valu, Subway restaurant, Provident Bank and anchor tenant ShopRite on Freemansburg Avenue near Route 33 and Interstate 78.

Other retailers such as Starbucks, Lightbridge Academy, Supercuts, Verizon Wireless, Chocolate Works and Heartland Dental are slated to open this year or early next year.

“The retail is almost entirely leased up and the apartments are leasing extremely well,” said Jonathan Kushner, president of KRE Group in Bridgewater, N.J. “We are very pleased with the volume we are receiving every day. We have three buildings open now.”

By January, the first phase of apartments will be 50 percent delivered, he said, with the first 294 units completed by the summer. Each of the first two residential buildings contains 39 apartments. After the first building filled up in September, it took less than two months for developers to fully lease the second building.

Residences are now available for lease in the community’s third building. The apartments offer one-and two-bedroom floor plans with layouts featuring dens and lofts, available at prices starting from $1,295.

The six floor plans available at Madison Farms range from 790 to 1,375 square feet of living space.

Once complete, Madison Farms will have 837 luxury residences and 140,000 square feet of retail space.

Construction of townhouses, carriage homes and single-family homes will begin in the spring, Kushner said.

While location is a prime reason for the development’s success, other factors play a role, such as lobbies, landscaping and lighting, which Kushner described as the “the four L’s.”

“The curb appeal has been really well-received,” he said.

The project will include gazebos, small neighborhood parks, ponds and additional open space and landscaped walkways that connect the property to the retail village and other spots.

Source: LVB