A large new complex with four buildings is coming to 33 Green Village Road in Madison, though most of the property’s street frontage is along nearby Kings Road near Madison Avenue. The project is being developed by Mark Built Homes and the Kushner Real Estate Group (KRE), which was co-founded by Murray Kushner, Jared Kushner’s uncle.
A groundbreaking ceremony was held last year, and plans call for the development to include 35 luxury condominiums, 100 residential rental units, 4,282 square foot of restaurant and retail space, an outdoor plaza, a community center with performance space, a fitness center, an outdoor pool, and 220 parking spaces. Two of the buildings will be four stories tall, while the remaining half will be five stories tall. Marchetto Higgins Stieve and Melillo + Bauer Associates are designing the project.
The rental part of the development will be called Rose Hall in honor of the municipality’s nickname as the Rose City, which comes from the 45 operating rose-growing greenhouses that existed in Madison in the late 19th century, according to the Museum of Early Trades and Crafts. The condominium portion will be known as Madison Place.
The site is situated at one of the most convenient locations in the borough, and is within walking distance of the Drew University campus, the Madison Public Library, the dozens of shops and restaurants along Main Street in the community’s vibrant downtown area, the Museum of Early Trades and Crafts, and a Shop & Shop supermarket. It previously was home to the Green Village Road School and athletic fields, which closed in 1976, according to the Daily Record. The building was later used by a theater company and other organizations.
NJ Parcels records show that KRE Madison NJ Urban Renewal, LLC acquired the property from the Borough of Madison for $12 million in 2015. According to the Borough website, the project is expected to cost $50 million, and as part of the PILOT agreement with the developer, the Borough will operate the community center for 30 years and will receive $2.1 million to develop affordable housing in the municipality. When completed, it “will be the second largest taxpayer in Madison,” the Borough says.
According to a LoopNet listing, Madison Place and Rose Hall are expected to be completed early next year.
