Urban Land Institute-Northern New Jersey (ULI-NNJ) has awarded The Montclarion at Bay Street Station a 2018 Excellence Award in recognition of the responsible development of the five-story upscale rental building located in downtown Montclair, N.J.
The honor was presented to developer Richard Polton during ULI-NNJ’s annual award ceremony on November 8th at the Westmount Country Club in Woodland Park, N.J. The ULI-NNJ Excellence Awards salute high caliber projects and people within the real estate industry for outstanding and transformational land use, best practices and creative visioning. The Montclarion at Bay Street Station was cited as “Small Deal of the Year.”
Value Asset Management (VAM), the exclusive leasing and management agent for The Montclarion at Bay Street Station, provided advisory services during the project’s construction.
Completed in 2017, The Montclarion at Bay Street Station was designed and built following the highest standards of sustainable development and to significantly benefit the community-at-large on the eastern border of downtown Montclair. Located at 125 Bloomfield Street, the LEED Silver-certified building offers a mix of 40 one- and two-bedroom luxury apartments and ground floor retail space, some of which is home to Studio Montclair, a local non-profit organization that hosts exhibits of professional and emerging artists.
“It’s an honor to receive this award which signifies The Montclarion has achieved its goal as an environmentally-responsible development which enhanced the livability and quality of life in downtown Montclair,” Mr. Polton said. “As with any project of this complexity, it’s a group effort and I want to thank my entire team. I also want to acknowledge the support and cooperation from the Township of Montclair. Their leadership and vision cleared the path for us to introduce a development that reflects the higher values of the community – thoughtful design; lively streetscapes; inclusion and accessibility.”
Designed by Sionas Architecture, the brick and glass building blends perfectly with Montclair’s well-known chic and urban environment. Contemporary, high-end design is extended throughout its interior spaces with a dramatic two-story lobby, bike racks, rooftop patio, exercise room and business center/lounge. There’s also an enclosed two-story garage. The Montclarion at Bay Street Station followed in the footsteps of The Montclarion, a 56-unit rental building originally built in 1985 and recently upgraded.
“When conceptualizing The Montclarion at Bay Street Station, we wanted to create eco-friendly properties that contributed to downtown Montclair by adding shops and services, along with a new customer base for nearby retailers,” Mr. Polton continues. “To accomplish this, we not only used modern green building practices and materials, we also took full advantage of a pedestrian-friendly location near New Jersey Transit’s Bay Street train station, which dramatically reduced dependence on automobiles for residents and encouraged them to shop locally.”
Value Asset Management fully executed the leasing program at The Montclarion in short order, validating the desire for an eclectic new rental community near the Bay Street train station connecting to Secaucus Junction, Newark, Hoboken and Penn Station in New York City. There are also New Jersey Transit busses available right outside the complex.
VAM, a full-service division of Clifton, N.J.-based Value Companies, provides management capabilities and customized asset solutions to third-party real estate investment and property owner clients. The Montclarion at Bay Street Station is one of many assignments the company has in northern New Jersey. VAM has a well-respected track record and proven ability to market from the ground up. Value Asset Management offers a “hands-on” approach, staffing communities with the kind of multifamily professionals, leasing agents and maintenance personnel that have been instrumental in crafting Value’s sterling reputation for customer service and management efficiency.
As its corporate name suggests, Value Asset Management also, but not exclusively, specializes in value-add multifamily investments: properties where there are opportunities to redevelop, reposition, or generally improve the fixed assets, curb appeal, resident relations, maintenance operations and other programs that make improving real estate an exercise in community building and value creation.
Another added bonus is Value’s unique skill set that comes from developing, owning and managing a variety of properties, including large-scale suburban and urban sites and low-and mid-rise buildings.
Value Companies currently owns and manages a portfolio of 3,226 residential units across fifteen communities located throughout New Jersey and New York. The firm has an outstanding track record in property management since 1952, and its proven experience and passion for excellence have established the company as one of the Northeast’s leading real estate developers, owners and managers.
For more information on Value Companies’ third-party property management services, please contact the company headquarters at 973-473-2800 or visit www.valuecompanies.com.