Jones Lang LaSalle

Heartstone Redeveloping Former Industrial Site as MXD
By Eric Peterson Last updated: November 16, 2005 10:32am

BUTLER, NJ-Heartstone Development has started work on River Place at Butler, a mixed-use redevelopment of a former industrial site along the Pequannock River here. The project will combine a public river walk park with four, two-story buildings with 48 residential units, 20 townhouse units above 14,800 sf of ground-floor retail space and a 5,000-sf stand-alone build-to-suit retail space.
Total cost of the project hasn’t been released, however, the project has gotten a boost from a $12.5-million construction/permanent loan package. The funded, which was provided by Boiling Springs Savings Bank of Rutherford, NJ, was arranged by senior managing director Jon Mikula and managing director Jim Cadranell of the Florham Park, NJ office of Holliday Fenoglio Fowler.
“This project is the keystone of this community’s overall redevelopment plan,” Mikula says. “The property is an example for brownfield redevelopment and is the direct result of the partnership between the developer, environmental groups and state and local government.”
Heartstone, an East Hanover, NJ-based company primarily in the homebuilding business, expects to have River Place completed by the fall of 2006. The company is currently working on a similar mixed-use redevelopment project in Rahway, NJ.