Joint venture holds groundbreaking for multifamily project in Netcong

A multifamily residential complex has broken ground in Netcong, a trio of developers announced Wednesday.

A joint venture between Circle Squared Alternative Investments, CrownPoint Group and The Hampshire Companies, said they will build a four building, 180,000-square-foot, 126-unit development on 4.8 acres located at 34 Bank St.

“We couldn’t be more excited to partner with CrownPoint and Hamphire on this project,” Jeff Sica, CEO and president of Circle Squared, said. “When analyzing multi-family projects, location is such a critical factor to consider, and along with our partners we collectively agreed that Netcong has a lot to offer. Located just over 40 miles outside of Manhattan, the complex will be within walking distance to rail service–which provides easy access for those who commute to New York City–as well as restaurants, supermarkets and other popular retailers. The beautiful views and recreational opportunities afforded by Lake Hopatcong and the Musconetcong River will also surely place this multi-family complex in high demand by families looking to call Morris County home.”

The complex will be comprised of “state-of-the-art” amenities, including a paved terrace with outdoor areas overlooking the Musconetcong River, a two-story Great Room with kitchen area for entertaining, a business center, billiards parlor, and a fitness room.

“We’re happy to be involved in our second joint venture with CrownPoint and Circle Squared,” Jon Hanson, chairman of The Hampshire Companies, said. “We see tremendous opportunity in the Morris County multifamily market, and we look forward to working with our project partners to create a successful project with leases being signed as quickly as we can build it.”

Financial terms were not disclosed.