See what $1,690 to $4,395 a month will get you in the town's trendy downtown.
MONTCLAIR -- Hundreds of tenants are getting a brand new view of Montclair, thanks to the recently finished second tower of a new development that is reshaping the hip town's downtown.
"We are becoming a part of the Montclair community," said James Driscoll, senior vice president of LCOR, the project's developer and owner.
"We want to continue to play a strong role."
The two new Valley & Bloom towers are already making a big imprint on the downtown landscape. After breaking ground on the two six-story buildings at the corner of Bloomfield Avenue and Valley Road in 2013, the first building opened to residential and commercial renters last July. Building II officially opened to renters earlier this month.
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Altogether, the buildings, which cost about $100 million to construct, contain 258 rental units of varying sizes, 20,000 square feet of office space, 22,000 square feet of retail space, and 571 parking spaces.
So far, retail and office spaces have been leased to tenants like Sotheby's Realty, AT&T, and Regus shared workspace suites, Driscoll said.
The new Building II's apartments range in size from 501 square feet to 1,189 square feet. Studio, one-, two-, and three-bedroom units start renting from $1,690 to $4,395 a month.
For the price, renters not only gain access to their own apartments, but to a smattering of shared amenities, including a cafe, children's playroom, fitness center and yoga studio, a courtyard, and a rooftop lounge with views of the New York City skyline.
Along with the development of the MC Hotel - which is being developed by the Pinnacle Companies and broke ground nearby earlier this week - the two Valley & Bloom buildings are part of the Montclair Gateway Redevelopment Plan, which is renovating formerly abandoned lots near the town's NJ Transit rail lines and dining and shopping corridor.
"It's a great ratable for our town," Montclair Mayor Robert Jackson said about the development. "We're hoping that...the new residents here will give a boost to our local restaurants and businesses."
The residential towers should also give a boost to the town's budget. According to town spokeswoman Katya Wowk, the two towers brought in about $300,000 in tax revenue over the past six months - a figure the town expects to go up as more units are rented. According to LCOR, the company entered into a PILOT program with the township in which its payments will be regulated and 10 percent of the rental units will be set aside as affordable units.
About 85 percent of the units in Building I are leased, and Driscoll said he expects both buildings to be fully leased out by the end of the year. Most tenant are singles or married couples in their late 20s through early 40s, many of whom have moved from New York, Jersey City, or Hoboken, he said.
"They are trying out Montclair, and this is a great place to do it," he said. "You can feel the vibrancy of downtown, and we are excited to be a part of that."
Jessica Mazzola may be reached at jmazzola@njadvancemedia.com. Follow her on Twitter @JessMazzola. Find NJ.com on Facebook.