It’s hard to miss the construction progressing rapidly at Third and Valley in South Orange. The pictures here are artist’ renderings of the completed project. It will consist of 215 LEED rental units with a central courtyard and a pedestrian area with retail fronts on the Valley St side. It’s one block away from the South Orange NJ Transit station situated on 2.7 acres. This development grew out of the town’s Vision Plan.
Combined with the new units at the Gateway and The Avenue, rental inventory in South Orange will have increased significantly after completion. In addition to meeting the rental demand, the town has indicated that it is hoping this will provide more market for retailers. In my opinion, another effect will hopefully be that more of these tenants after a year or two of renting will be looking to eventually buy. New construction of single family homes in South Orange and Maplewood is very rare as most of the acreage is developed. Without new construction of sales units, prices will continue to increase for current single family homes.
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