Construction of homes to start at Madison school site

MADISON - The plan to build condominiums and rental properties on the site of the former Green Village Road School is set to begin in the first quarter of this year.

“A property of this size, less than two blocks from a train station with direct service to Manhattan, has enormous potential,” said Jonathan Kushner, president of The KRE Group.

The KRE Group and Mark Built Homes announced the acquisition of the 5-acre property in the downtown area on Tuesday. A statement announcing the purchase said that KRE will build 100 luxury rental residences on the property and Mark Built Homes will construct 35 luxury condominiums.

Construction is slated to begin in the first quarter of this year, with an anticipated completion date in the second quarter of 2017. KRE had announced plans to purchase the property in late 2014.

The Madison Board of Education sold the property, which has had many faces through the years, from school to offices to theater. It is also known as one of the town's most popular sledding locations.

The Board of Education first acquired the property by purchasing two parcels of land from the Burnet family in 1944. A school building was completed in 1949, with additions built in 1955. Students in kindergarten through sixth grade attended Green Village Road School.

The building stopped being used as a school in 1976. It was not used at all until 1984, when it was utilized for the Board of Education offices, school district storage and as home of Playwrights Theatre. They all stopped using it in August 2011.

A statement announcing the official sale on Tuesday did not reveal the purchase price, but the Board of Education has previously said that it is receiving $12 million and that it had reached an agreement to give $1 million to the borough.

Mark Built Homes, based in Union, has built similar developments including James Place in Morris Township, Pheasant Crossing in Bernardsville and the Basking Ridge section of Bernards, and Summit Place in Summit.

“Our goal is to capitalize on the ideal setting with upscale homes of character and value that truly deliver a unique residential product to the neighborhood,” said Michael Markovitz, president of Mark Built Homes.

KRE, based in Bridgewater, has developed and leased residential properties in Jersey City, including 18 Park, 225 Grand and Grove Pointe. It is currently developing Journal Squared, a collection of three residential towers in Jersey City’s historic Journal Square neighborhood that will ultimately comprise 1,838 rental residences and 36,000 square feet of commercial space, according to a news release from KRE.