CMT Developers Underway on 514-Unit Multifamily Project in Elizabeth, New Jersey
ELIZABETH, N.J. — CMT Developers LLC is underway on development of Jersey Walk, a 514-unit multifamily project in Elizabeth, a southwestern suburb of New York City. The Class A project, which will be located at 901 E. Jersey St., will be developed in two phases. Phase I will include two buildings totaling 218,292 square feet, which will feature 274 units in studio, one- and two-bedroom floor plans. Phase I will also include 3,000 square feet of ground-floor retail space and amenities including a gym, indoor pool and rooftop lounge. Phase II will include two six-story buildings featuring 240 units. The project is a repositioning of the former Elizabeth General Hospital, which has been vacant for more than 20 years. The new development plans to renovate and incorporate a 540-space, freestanding parking garage retained from the hospital. Parkview Financial has provided a $56 million construction loan for Phase I, which is slated for completion in spring 2021. The construction timeline for Phase II has not yet been determined.