AvalonBay is one step closer to cracking the vault at Valley National Bank’s headquarters in Wayne.
The residential developer is moving ahead with a housing proposal that could bring nearly 500 units to the New Jersey town, including dozens for low-income residents.
The town’s planning board is set to hear an application for the redevelopment of the bank building on April 25, NorthJersey.com reported.
Virginia-based AvalonBay Communities and the town spent months negotiating an affordable housing component. The two sides settled on 71 units for low-income residents, according to NorthJersey.com.
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The project will include 473 units across two 17-acre lots at Valley National Bank’s current headquarters, 1455 Valley Road. The bank is constructing a new headquarters in the center of Morristown.
AvalonBay is also redeveloping two bank-owned lots across the street, part of a separate plan for commercial use.
The residential component includes a four-and-a-half story building with 409 apartments, along with 64 townhomes across 12 buildings. Amenities will include a two-story clubhouse with a fitness room and swimming pool. There will also be 942 parking spots, typical for a state that has the nation’s highest population density but no large cities.
According to NorthJersey.com, AvalonBay already owns 21 residential complexes in the state.
Three years ago, the apartment giant opened Avalon Piscataway in the namesake town. At the time of its launch, the 360-unit luxury rental complex was 70 percent leased and 63 percent occupied. About 15 percent of the units were reserved for low- and middle-income tenants.
In November, AvalonBay paid $133 million for a 380-unit apartment community in Miramar, Florida, which was sold by Ansca. The deal for the Luma at Miramar came out to about $350,000 per unit. The real estate investment trust has made several multifamily purchases in Florida recently while scaling down activity in New York City.
[NorthJersey.com] — Holden Walter-Warner