A joint venture between Crossroads Cos. and CrownPoint Group broke ground on 90 luxury apartments in downtown Dover.
Slated for delivery in late 2025, the start of construction at 80 E. McFarlan St. follows acquisition of the vacant parcel, for which the project partners have received all necessary municipal, county and state approvals. The joint venture has also closed on construction financing for the development.
The property, which was previously home to two former restaurants, was vacant for nearly a decade and in dire need of repositioning.
“Considering the property’s location just blocks from downtown Dover, we saw this as a tremendous redevelopment opportunity, and, ultimately, that vision was shared and supported by our partners, the community and the town of Dover,” Anthony Vulpi, Crossroads Cos.’ residential development partner, said.
The property is just five blocks from Blackwell Street, the municipality’s downtown corridor that features access to dozens of restaurants, shops and New Jersey Transit’s Dover Station. Commuter rail service is offered along the Morristown and Montclair-Boonton lines, connecting to Hoboken or New York City.
Once complete, the six-story building will feature 90 modern apartment homes with designer finishes, offering a mix of studio, one- and two-bedroom units. Nine of the homes, which will be dedicated for low-to-moderate income-qualified residents and families, will feature the same finishes as the market-rate units.
The building will also feature approximately 10,000 square feet of interior and exterior amenities, including a vibrant rooftop deck with picturesque views and outdoor gathering spaces, a resident entertainment lounge, home offices and a fully equipped fitness center. In addition, on-premises covered parking will be available across the first two floors.
“Together with city officials and community leaders, our goal is to bring added vibrancy and new housing options that strengthen Dover’s deep sense of community while offering its residents a housing option that does not exist today,” Michael Legacki, CrownPoint’s vice president, said.
The building has been designed by Minno & Wasko Architects and Planners, with construction financing provided by Columbia Bank and equity financing provided by Circle Squared Alternative Investments. L2i Construction is the general contractor with Crossroads Cos. serving as the project lead.
Crossroads and CrownPoint are both New Jersey-based regional real estate firms specializing in the development of multifamily, supermarkets and self-storage.
