This fall, a second multifamily building is slated to be completed at the redevelopment of Mercedes-Benz USA's former North American headquarters in Montvale, New Jersey.
Developer S. Hekemian Group, based in Englewood, New Jersey, is building over 300 apartments in twin buildings at the German carmarker's 32-acre onetime campus. Those properties are part of The District, the residential component of the North Market redevelopment project, which also includes office and retail space.
The first apartment building at 100 Market St. is nearly 50% leased, with tenants now taking occupancy. The District’s second building, at 300 Market St., is slated to be completed in September, according to a statement from S. Hekemian.
Several years ago, there was a spurt of companies relocating their headquarters from New Jersey. Mercedes-Benz was part of it, when in January 2015 it announced it was moving its U.S. headquarters from Montvale to the Atlanta metropolitan area. That exodus of companies from the Garden State left large properties that once just had one occupant for their office space to be repurposed for other uses and multiple tenants.
At North Market's The District, the luxury apartments feature up to 1,500 square feet of living space with large windows, ceiling heights up to 11 feet, hardwood flooring, Kohler and Moen bath fixtures, and private balconies or patios. The kitchens have gas ranges, stainless steel appliances and Caesarstone countertops. The units also provide walk-in closets and washers and dryers.
North Market's office component, Workplace North Market, opened in spring last year and is approaching full occupancy. Flanked by The District’s two apartment buildings, the four-story, Class A structure at 200 Market St. houses 40,500 square feet of office space on its upper floors.
All three buildings feature ground-floor retail, with tenant commitments from Fleming’s Steakhouse, Paris Baguette, Glosslab, Rumble Boxing and Naya Mezze & Grill — with more in the pipeline. Outside, there's a shared plaza for social gatherings.
At the north end of the North Market site, S. Hekemian recently announced plans for the development of an 86,000-square-foot medical office building, where Valley Health Systems will open a 60,000-square-foot surgical center. The balance of that building will feature street-level retail, as well.