Construction on Bound Brook's newest apartment building to begin by year’s end
BOUND BROOK – Construction is scheduled to begin by the end of the year on The Rail at Bound Brook on Hamilton Street.
The 143-unit apartment building, approved earlier this year by the borough Planning Board, is estimated to be completed by summer 2024.
The project, the latest addition to multifamily buildings in downtown Bound Brook, is a joint venture between Denholtz Properties, a Red Bank-based real estate development and investment company, and the Redwood Real Estate Group, a fourth-generation privately held real estate investment company.
“With highly favorable local demographics, a strategic location and tremendous untapped redevelopment opportunities, Bound Brook is the perfect next location for us to execute our opportunistic investment strategy," said Steven Denholtz, CEO of Denholtz Properties in a statement. "We look forward to bringing The Rail at Bound Brook to life and helping the borough to become a destination for residents and visitors alike.”
Denholtz Properties, which also owns the Bridgewater Business Park on Chimney Rock Road in Bridgewater, developed the Rail at Red Bank Station, 57-unit apartment community a block from the train station.
The Rail at Bound Brook will include a mix of studios, one-bedrooms, one-bedrooms plus dens, and two-bedrooms with extra-work-from-home space and outdoor balconies and terraces in select units. In addition, the six-story building will have amenities including a courtyard with outdoor grills and seating, an indoor fitness and yoga studio, a game room and bike storage.
The building will be constructed between Hamilton and East streets on the site of the former strip mall that once housed a convenience store and later, the Salvation Army.
The apartment building will be at the northern end of the proposed block-long pedestrian plaza on Hamilton and Second streets that borough officials have seen as a major key to the continuing revitalization of downtown.
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The borough received a $1 million federal grant administered by the New Jersey Department of Transportation in partnership with the North Jersey Transportation Planning Authority to undertake the pedestrian plaza project.
Bound Brook is looking at the success that Somerville experienced transforming a block of Division Street from Main Street toward the train station into a pedestrian plaza.
The developers also will renovate the two-story Morecraft Building that separates the apartment building from the entrance to the Brook Arts Center.
In addition, the developers have agreed to improve the exterior of the three multifamily residences on the east side Hamilton Street north of the apartment building. The multifamily building next to the apartments served as Bound Brook's borough hall until the new facility was built two blocks away in the late 1980s.
Assigned parking spaces, with seven spaces for electric vehicles, will be on the ground floor with the apartments above. There also will be 44 spaces in a lot behind the theatre.
The developer also has agreed to lease 75 parking spaces from the borough in the commuter lot on Main Street at a cost of $105 per space per month for eight years. The developer also will set aside $480,000 for future parking needs in the borough.
There will be 650 square feet of retail space on the ground floor.
Minno & Wasko, of Lambertville, is the project architect.
Email: mdeak@mycentraljersey.com
Mike Deak is a reporter for mycentraljersey.com. To get unlimited access to his articles on Somerset and Hunterdon counties, please subscribe or activate your digital account.
This article originally appeared on MyCentralJersey.com: Bound Brook: Hamilton Street apartment building work on deck
