The Bank Street Lofts

Project Overview

3P Equity Capital and the PRC Group has acquired a proposed multifamily/mixed-use property known as The Bank Street Lofts in Hightstown, New Jersey. The site is currently approved for 266 residential rental units (including 34 townhomes) 36,460 SF of retail and 490 parking spaces. There are multiple buildings on the property, all of which are scheduled for demolition with the exception of the ‘Brick’ & ‘Tan’ building, which will be an adaptive reuse and obtaining historical tax credits. Construction is scheduled to begin in the Fall of 2019.

Value-Add

The joint venture is in the process of obtaining a revised site plan approval on Phase 2 to reduce the retail from 36,406 SF to 2,500 SF and increase the multifamily density by 26 units. The final unit count for Phases 1 & 2 will be 292 residential units.

Along with a revised Phase 2, the joint venture is also engaged with the Borough of Hightstown for the approval of Phase 3, which will include an additional 118 residential units, boutique retail of 4,000 SF and three lakeside restaurants totaling 14,075 SF.

The Borough of Hightstown is also reviewing a proposal for a 30 year PILOT program which would provide a significant financial benefit to the borough and project.

For more additional information regading investing please contact us at info@3pec.com

LocationHightstown BoroughUnits266Townhomes34Parking490 SpacesRetail36,460 SF

Contact

4 Essex Avenue, Suite 202,
Bernardsville, NJ

908 373 1300

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