Markstone Group to Move Forward with Luxury Rental Community in Franklin, New Jersey
Franklin, NJ-October 30, 2024—The Markstone Group, a leading developer of luxury retail facilities and rental homes and apartments, is moving forward with plans for an upscale retail and residential rental community at the site of a former Franklin Borough (Sussex County) zinc mine. The multi-phase project is made possible by the determination of the Franklin Borough Council, in collaboration with the municipal planner and Borough planning board, to approve an ambitious and comprehensive redevelopment plan in the town known around the world as the “Fluorescent Mineral Capital of the World.”
The Markstone Group will revitalize the downtown area of Franklin Borough, a scenic Sussex County municipality that has suffered economically since the mine closed operations in the 1950’s. The zinc mine, formerly owned by the New Jersey Zinc Company, was the centerpiece of a vibrant, bustling commercial and residential community in Sussex County.
“This is a milestone effort for The Markstone Group. For nearly many years, multiple developers have tried unsuccessfully to come up with a development plan that worked at this site, and we believe we have finally succeeded,” says Jacob Freund, Chief Operating Officer for the real estate development firm. “It is our hope to rejuvenate this beautiful community and to revitalize its historic Main Street.”
As part of the transformative development project, The Markstone Group will undertake a comprehensive environmental remediation at the property to address historic contamination left behind by the defunct mining operation. The Markstone Group is committed to developing a clean and safe community with copious open space, and all work will be performed in compliance with NJ Department of Environmental Protection (NJDEP) requirements.
The Markstone Group has assembled an impressive team of professionals to advance its plan to build Main Street retail spaces and a luxury rental community of approximately 400 one-, two- and three-bedroom dwellings. Plans will be presented to the Borough and the land use approvals process will be led by Thomas Prol, Esq., a member of the law firm of Sills Cummis & Gross, P.C., one of New Jersey’s premier redevelopment and land use firms. Prol, a Franklin Borough native who attended Franklin Elementary School and Wallkill Valley Regional High School, grew up near the zinc mine site and is intimately familiar with the Borough.
The Markstone Group has also tapped Stonefield, a full-service land development consulting firm, to provide site, civil and traffic engineering services to support this exciting project. The engineering team will be led by Michaela Maguire, PE, who will guide the shaping of the land, parking lot, building envelope and overall design of the site and the roadways throughout. Stonefield is working alongside the state and local jurisdictional agencies to ensure the location’s rich history is balanced with welcoming the new development of communal spaces on site and contributing to the rehabilitation of the downtown area.
The Markstone Group is seeking to attract small businesses and new families to the area to provide housing and give the local economy a much-needed boost. As with all Markstone properties, the community is expected to come complete with impressive amenities, such as an onsite fitness center, open and community meeting space and café. They hope to break ground in 2026.
About The Markstone Group:
The Markstone Group is a full-service, real estate firm, uniquely involved in every aspect of the development of its properties, including the acquisition of raw land, its subsequent development, design, construction, and its ultimate management upon completion.
For more information about this and other projects, visit TheMarkstoneGroup.com or call 212-590-2566. Find us on Facebook, Instagram, X (formerly Twitter), LinkedIn and on YouTube.