Land sold in Mine Hill; multifamily property planned

A lot zoned for a residential development in Mine Hill has been sold, according to real estate firm NAI James E. Hanson.

NAI Hanson said in a news release that the 6.15-acre property at 106 Hurd St. was sold by Pansini Estate to 106 Hurd Street LLC. NAI Hanson’s John Schilp represented both parties in the deal. Financial terms were not disclosed.

The land had held a house and barn, and the buyer has received approvals from the township for a 50-unit apartment building. Site work is currently underway.

“Multifamily development continues to flourish throughout northern New Jersey, with numerous developers competing over limited developable land,” Schilp said in a prepared statement. “Recognizing the ongoing demand for multifamily development, we were able to leverage our decades of experience and local market expertise to help the buyer identify this prime development opportunity, while allowing the seller to secure fair market value for this in-demand parcel.”

The property is located in the township’s Multi-Family Inclusionary Community Overlay Zone, and will help Mine Hill satisfy its fair share housing obligation, with 10 units reserved for low- and moderate-income families.