The Madison Farms community is off Route 33 and
Freemansburg Avenue. / Contributed Photo
For the developers of a mixed-use project in Bethlehem
Township, the demand for apartments is outpacing supply, prompting the start of
construction on nearly 300 additional units.
The KRE Group and The Silverman Group are the New Jersey
developers behind the Madison Farms community off Route 33 and Freemansburg
Avenue. Total construction cost for the project is expected to be $140 million,
with phase two at $50 million.
“We’ve had a very successful first phase so far; we are
approaching the three-quarters lease threshold. We feel it’s the appropriate
time to continue into phase two,” said Jeremy Kaplan, chief operating officer
for The KRE Group of Bridgewater, N.J. The Silverman Group is based in Short
Hills, N.J.
With 75 percent of their apartments leased in the first
part of the project, developers said that demand for the community’s luxury
apartments will soon outpace supply.
This is partly because of the rental market, which
continues to show strong growth in the Greater Lehigh Valley but also can be
linked to the emerging retail establishments on the Madison Farms property
which contribute to a pedestrian-friendly atmosphere, according to the
developers.
“All of the goings-on at the project have created a
positive environment for people to live,”
Kaplan said. “We believe the product we are supplying is
high-end product.”
The second part of the apartment construction consists of
building 276 rental residences with an expected full completion by 2018, Kaplan
said.
The company also started site work to get the property
ready for construction of housing units on a portion of the land. For this part
of the project, KRE and Silverman will develop 132 townhouses, 78 carriage houses
and 57 single-family homes, Kaplan said.
The first part of the project delivered 294 apartments
and 123,000 square feet of retail space, with another 40,000 under
construction.
Source: LVB
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