New Development Will Deliver Luxury Apartments and Retail to Township’s Planned Transit Village
Local officials and development partners break ground on the Aberdeen Transit Village property. From left to right: Thomas A. Arnone, Monmouth County Freeholder Director; Jim Smith, Principal of Highview Homes; Frank Pallone, U.S. Representative (NJ); Fred Tagliarini, Mayor of Aberdeen Township; Jeffrey A. Nadell, Senior Director of Real Estate & Economic Development for NJ TRANSIT; Gerard P. Scharfenberger, Mayor of Middletown Township; Jonathan Schwartz, Principal of BNE Real Estate Group; David Pantirer, Executive Vice President of BNE Real Estate Group; Marc Pantirer, Executive Vice President of BNE Real Estate Group.
Aberdeen Mayor Fred Tagliarini and the Aberdeen Township Council, along with U.S. Representative Frank Pallone and Monmouth County Freeholder Director Thomas Arnone joined officials from NJ TRANSIT and development partners BNE Real Estate Group and Highview Homes on Monday (August 8th, 2016) to break ground on a new mixed-use development that will energize an underutilized site just steps from the Aberdeen-Matawan Train Station.
Located at the intersection of Atlantic Avenue and Harrison Street, the development will comprise five residential buildings totaling 227 one- and two-bedroom rental residences and street-level retail space. Expected to be completed in the second quarter of 2018,the project aligns with the township’s plan to redevelop a 20-acre site on its side of the Aberdeen-Matawan rail station into a transit village, in accordance with the guidelines set forth by the New Jersey Department of Transportation and the state’s Transit Village Task Force.
“We are very pleased to partner with BNE and Highview Homes on the development of our transit village,” Mayor Tagliarini said. “This has been a long, complex process involving land purchases from multiple private and public entities, approvals from various government agencies, and market-force interruptions triggered by the recent recession and accompanying housing slump. This redevelopment will replace an unproductive eyesore with an attractive residential and retail village that would have minimal impact on traffic and our schools, fulfill demand from young commuters and others seeking luxury rentals within walking distance of the station, introduce new retail, restaurant and service businesses to serve commuters, and create a pleasant outdoor dining environment.”
The BNE/Highview development will provide a housing option not widely available in Aberdeen, one that caters to commuters and residents who prefer the convenience and amenity-rich lifestyle of luxury apartment living to home ownership. Residents will enjoy a full suite of amenities, including a lounge, state-of-the-art fitness center and an outdoor pool, as well as proximity to public transportation.
“We’re delighted to have secured such a well-located site adjacent to an active railway station, and are thrilled to be taking the next step in unlocking the intrinsic value of this property,” said Jonathan Schwartz, a Principal of BNE Real Estate Group. “We appreciate the confidence Mayor Tagliarini and the Township of Aberdeen have placed in us and our partner, Highview Homes, and look forward to executing our shared vision for a vibrant, revitalized property that will be an asset to the township.”
Known for its family-friendly neighborhoods, tree-lined streets and scenic stretch of the Raritan Bay waterfront, Aberdeen is situated in northern Monmouth County, just off of the Garden State Parkway, Routes 34 and 35, and NJ TRANSIT’s North Jersey Coast Rail line.
About BNE Real Estate Group
With over 60 years of real estate development experience, BNE Real Estate Group is a national, family-owned organization that is firmly committed to creating exceptional living experiences for their residents. Their distinguished portfolio of properties includes the development of tens of thousands of homes, more than 1 million square feet of commercial space, and the ownership and ongoing management of nearly 8,000 apartments, with communities stretching from the Tri-state area south to Florida, and west to Texas and California.
