At A Glance
- Client: First-Time Developer
- Location: 282–288 Hope Avenue, Passaic, NJ
- Asset Type: Ground-Up Multi-Family
- Scope: Preconstruction Management (Feasibility to Entitlement)
- Timeline: 6 Months (Feasibility to Board Approval)
“The fee paid to Cornerstone was returned multiple times over—through smarter design, better procurement, and disciplined management.”
The Initial Uncertainty
A first-time developer owned two adjacent parcels but lacked clarity on zoning feasibility, financial viability, and how to navigate municipal approvals without costly mistakes.
What the Client Thought They Had
The client believed the site could support a small apartment building but was unsure of unit count, parking compliance, lender readiness, and how to manage a consultant team.
What We Discovered
Cornerstone Builders Group confirmed the site could support 22 units, including 4 affordable units, while maintaining zoning and parking compliance. A lender-ready proforma was developed without tax incentives, revealing stronger-than-expected returns and a clear entitlement path.
What Changed
Cornerstone Builders Group led the full preconstruction and entitlement process—managing consultants, RFPs, contracts, schedules, and value engineering—while educating the developer and establishing lender and legal relationships.
The Outcome
- 22 Units Approved (18 Market-Rate, 4 Affordable)
- Board Approval Secured in 6 Months
- Enhanced Site Value Post-Entitlement
- CBG Retained for Construction Management
