Monday, June 27, 2016

Madison Farms Mixed Use Community Expands In Bethlehem, PA

by Steve Lubetkin,
With more than three quarters of the first residential phase Madison Farms now leased, The KRE Group and The Silverman Group have begun construction of the second phase of the mixed-use community in Bethlehem Township, PA.

The first phase of the project has delivered 294 rental apartments and 123,000 square feet of complementary retail space to the Lehigh Valley, with another 40,000 square feet of retail space currently under construction.

Construction began this month on the 276 rental residences in Phase II. The full build out of Phase II is scheduled for completion in the second quarter of 2018, with the first building scheduled for completion in the second quarter of 2017.

The KRE/Silverman partnership decided to begin construction of Phase II now because of the overwhelming success of Phase I, noting that demand for the community’s luxury apartments will soon outpace supply.

“The leasing pace at Madison Farms continues to be very strong,” says Jeremy Kaplan, chief operating officer of The KRE Group. “With 75 percent of our current apartments leased and activity in our retail village booming, we believe that now is the ideal time to launch Phase II and double down on our investment in this community.”

The rental success of Madison Farms mirrors the success of the retail village on the site, with more than a dozen shops and restaurants, including ShopRite, Starbucks and Pet Valu. Residents have a short walk to the retail village as well as to the community’s clubhouse and outdoor pool, providing the type of pedestrian-friendly experience the property’s developers envisioned. Pocket parks, ponds, bike paths and more are all planned for the community as well. Ultimately, the project will include 837 luxury residences built in multiple phases across approximately 100 acres of property.

The rental residences at Madison Farms range in size from 790 to 1,375 square feet. Six floorplans are available, including both one-bedroom, one-bath and two-bedroom, two-bath designs. Prices start from $1,320. Several buildings at Madison Farms are pet friendly and all of the facilities, including the apartments, will be smoke free. All buildings are elevator serviced. Amenities in the 7,500 square foot clubhouse include a state-of-the-art fitness center, yoga room, billiards, ping pong, media room, large screen TVs, and a lounge area with fireplace and WiFi.

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