The first of chunk of a major Montclair development is nearly finished.
Rosemark Development Group is a month away from moving in tenants at Avenue 8 at Mayfair. It’s a three-tower renovation project that will be the first of a two-phase, $35 million residential development bounded by Ivanhoe Street, 8th Avenue, Jersey Street and 9th Avenue.
Avenue 8 will have 163 apartments in three renovated towers along Ivanhoe Street. The buildings previously housed Art Institute of Colorado students, said Anne Rosen, a principal with Rosemark. The school decided last year to not re-up on its lease agreement.
“Their lease was expiring at the end of 2014, so we needed to reposition the entire property,” Rosen said. “Obviously the market for apartments is very strong and there are very few choices in this particular submarket, especially those that will accommodate pets and have a lot of amenities.”
Rosemark Development is a joint venture between Rosen, who heads up Zing! Development Strategies, and Mark Cytrynbaum of Old Vine Property Group. Avenue 8 is the first project for Rosemark, which Rosen and Cytrynbaum formed specifically for the block-wide redevelopment.
The first 51 apartments will open March 1, Rosen said, with the rest to follow by the end of the summer. About 60 percent of the units are one-bedrooms; the rest have two bedrooms. Rents will range from $1,100 to $1,600 a month.
Rosen said Avenue 8 will go after pet owners with indoor and outdoor dog parks and a dog wash station. The apartment complex will also have a rooftop patio and a business center.
Rosen said hard hat tours will begin shortly and so far the apartments have drawn interest from a wide range of age groups, including older renters looking to ditch their single-family homes and downsize.
Old Vine Property Group has owned the nearly six-acre plot Rosemark is building on since 2001. The property previously hosted four towers, but Rosemark demolished one to make way for parking at Avenue 8.
The apartment project alone will cost about $15 million, Rosen said.
Rising just east of Avenue 8 is a second, more costly phase of Rosemark’s development. The firm broke ground on a new $20 million assisted living and memory care facility last November, with plans to open that 88-unit apartment complex towards the end of this year.
Rosemark will maintain ownership of the assisted living facility and will contract management out to Christian Living Facilities. The complex will have 51 assisted living apartments with 37 units specifically tailored to memory care patients.
It’s Rosen’s first foray into senior living development, but the site has been tabbed for a senior living facility for several years.
“We’ve been working on redeveloping that site; it’s been probably 10 years in the making,” she said. “Our market consultants, the Highland Group, have been recommending senior living in this location for a very long time.”
Brinkmann Constructors is the general contractor on both the apartments and the senior care facility. Studio Completiva is the architect for both complexes.
Northstar Bank is financing the apartments, and Boutique Apartments will handle property management. Heartland Bank is providing the loan for the assisted care facility.