14C — October 22 - November 18, 2021 — Owners, Developers & Managers — M id A tlantic Real Estate Journal


O wners , D evelopers & M anagers

Forsite Development acquires CP Crane Generating Station

ANASSAS, VA, — Matan Companies announced the clos- M Plans to go spec on four class A industrial buildings Matan Cos. settles on purchase of 47.5-AC development site

months to complete,” Forsite chief executive officer Tom McKittrick said. “During that time, we’ll be working diligently on establishing a viable redevelopment plan for the site.” The firm has recently cre - ated Forsite Renewables to develop solar projects around retired or retiring coal plants, including CP Crane. McKit- trick said: “Our country is rapidly transitioning from fossil to renewable energy, and we see an opportunity to help facilitate that transition by repurposing infrastructure to fast-track renewable and battery storage projects.” CP Crane is the sixth coal plant that Forsite has ac- quired via an Environmental Risk Transfer transaction. These risk transfer transac- tions provide sellers with a comprehensive fixed cost divestment solution for sites with legacy environmental conditions. MAREJ

BALTIMORE COUNTY, MD — Forsite Develop- ment, Inc. has acquired the CP Crane Generating Station in Baltimore County. Forsite acquired the shut- tered 400-megawatt coal plant from Chicago-based Middle River Power. The 153-acre plant is located off Carroll Island Rd. in Bowleys Quar- ters, MD, 14 miles east of Baltimore. The transaction included Forsite assuming the responsibility to decommission the plant and the assumption of environmental remediation obligations. Forsite plans to decommission the power plant starting this year and will be- gin remediation activities soon thereafter. Forsite is exploring a variety of redevelopment options for the site, including repowering the site with renewable en- ergy, data center development and possibly high density residential. “We anticipate the demolition work to take 14

ing of the purchase of 11501 University Blvd., Manassas, a 47.5-acre property situated in the heart of Prince William County’s I-66 corridor. Located near the FBI Headquarters and just off Prince William Park- way, the site offers a supreme location. Positioned in the Data Center Overlay District with M-1 zoning, the buildings offer options to the widest array of users from data center to bio- tech and all forms of industrial uses as well. Branded as “Redstone Indus- trial”, Matan Companies plans to speculatively develop four class A industrial buildings to- taling 462,000 square feet. The buildings will feature minimum 32’ clear ceiling heights, tilt- up concrete construction, 50’ x 52’ column spacing, 60’ speed bays, 120’ truck courts, along GLEN RIDGE, NJ — Leas- ing is now underway at Clarus Glen Ridge, the collection of 110 modern rental residences on the border of Glen Ridge and Montclair, developer JMF Properties . Created by JMF Properties founder and principal Joe Forgione , Clarus Glen Ridge offers its residents a lifestyle that emphasizes luxury, com- fort, convenience, health and well-being. A curated collection of amenities, plush interior spaces and exquisite finishes were designed to exceed all the needs and desires of today’s sophisticated renter. The community’s location next to NJ TRANSIT’s Bay Street station and a short walk from downtown Montclair com- bines commuting convenience with access to a variety of gourmet restaurants, boutique shops, cafes, galleries and cul- tural attractions. Clarus Glen Ridge opens with nearly 50 percent of the resi- dences already leased during a special early leasing period. “Clarus Glen Ridge builds on the tremendous popularity of our first ‘Clarus’ commu - nity, Clarus Maplewood, but on a grander scale with more amenities and luxuries,” For- gione said. “We designed this community to offer residents a complete lifestyle package, and the opportunity to take advan- tage of everything Glen Ridge andMontclair offers. The result

11501 University Blvd., Manassas

with LED lighting and ESFR sprinkler systems. Matan an- ticipates delivering the shell buildings in the first quarter of 2023. Tenant improvements could commence as soon as fourth quarter of 2022. “With a successful initial foray into the Manassas mar- ket with Pkwy. 66 on Cushing Rd., we are excited to keep that momentum going as we finalize our approvals and look to begin construction at the

beginning of the 2nd quarter of 2022 at Redstone,” said Jamie Minkler , director of acquisitions for the Matan Companies. “In the three years since we started our journey in Prince William County a lot has changed of course, but the industrial demand and outlook has remained steady. We are very excited about this trend in Manassas, and all throughout the region, as we expand our footprint.” MAREJ

The ‘Residences At Reuten Park’ will fulfill unmet demand for senior housing

Clarus Glen Ridge rental community now open for leasing

The Residences at Reuten Park

231 and 239 Herbert Ave. in downtown Closter. The devel- opment will transform post- WW II-era industrial buildings into a modern, state-of-the-art housing community for senior residents. The Residences at Reuten Park project will offer all- inclusive rental units with studio, one-and two-bedroom apartments on beautifully landscaped grounds along with private outdoor social spaces, outdoor and indoor dining areas, a café, an outdoor swim- ming pool and a host of other upscale amenities. The project is expected to be completed in approximately 14 to 16months, pending the board’s approval. ProMatura’s analysis is part- ly based on its evaluation of existing senior housing com- munities, and those under con- struction, within a seven-mile region that includes Closter. This area currently has a total of 11 comparable senior living communities. MAREJ

CLOSTER, NJ — Market research presented to the Clo- ster Zoning Board of Adjust- ments confirmed that The Residences at Reuten Park – a proposed 195-unit luxury se- nior housing development – is necessary to help meet growing demand for independent, as- sisted living and memory care housing. During testimony on the project’s application, Bryon Cohron , vice president of market analysis and business development of ProMatura, an Oxford, Miss.-based mar- ket research firm, told board members that The Residences at Reuten Park will fulfill an unmet need for senior housing in Closter and surrounding Bergen County communities. Property owner Reuten Associates and developer Metropolis Property Group are planning to build The Residences at Reuten Park on an six-acre tract at Reuten Corporate Park, located at

Clarus Glen Ridge

is a product that brings a new housing type to the area and sets a new standard for luxury living, one that we are thrilled to showcase to prospective rent- ers now that the community is officially open.” Located on Baldwin Ave. in the historic borough of Glen Ridge, Clarus Glen Ridge fea- tures an elevated take on so- phisticated rental living, with every last detail scrutinized from the inside out during the development process. Amenities include a central lobby and lounge and a two- sided fireplace, reading lounge, and wet bar, business center, theatre room, and billiards room with vintage billiards table. Outside, residents enjoy a courtyard with seating areas, outdoor dining, a firepit and grills. An expansive dog park that spans more than 300 feet in length gives the community’s four-legged friends plenty of

space to frolic. On-site covered parking, car charging stations, storage lockers, bike storage, and 24/7 maintenance round out the services and conve- niences available to residents. Up to two parking spaces per unit are available and the parking garage offers residents direct access to their floor. The amenities, residences, and interior spaces at Clarus Glen Ridge were inspired by Clarus Maplewood, the multi- ple award-winning community that captured the 2018 “Com- munity of the Year” honors for mixed-use communities from the Metropolitan Builders & Contractors Association and is the first community in New Jersey to earn the prestigious WELL Certification – Gold Lev - el by the International WELL Building Institute, which rec- ognizes buildings designed to enhance the health and well- ness of its occupants. MAREJ

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