Hopatcong Borough, Greentree Development Group Take First Step In Borough's Revitalization with Groundbreaking at Brookland at Lakepointe

HOPATCONG, N.J., Aug. 19, 2014 /PRNewswire/ -- Hopatcong Borough kicked off a major revitalization effort Monday with the groundbreaking of a 20,432-square-foot mixed-use building.

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"This groundbreaking represents the culmination of five years of talent, patience and persistence," Hopatcong Mayor Sylvia Petillo told a gathering of town, county and state officials and others. "It celebrates our hopes and vision. This first building is our link to a better future."

Listen to Mayor Petillo's comments here.

The new building, being constructed by Greentree Development Group of Pompton Plains, N.J., is the first step to revitalize the River Styx area, creating a new section of town on Lake Hopatcong. Lakepointe, as it is called, will replace run down and vacant buildings with shops, restaurants, offices and homes and create a walkable, year-round neighborhood with an "active window-shopping atmosphere," according to borough plans.  The plans envision space for pedestrians, bicycles and cars as well as benches and sidewalk cafes.

Mayor Sylvia Petillo; Dennis Murdrick, deputy director of the Sussex County Board of Freeholders; Assemblywoman Alison Littell McHose; Eric Snyder, Sussex County Planner; and David Gunia, division president of Greentree Development Group kicked off the project, using chrome shovels to scoop up ceremonial dirt.

The new building will replace abandoned concrete and asphalt with 4,660 square feet of retail space and 15 condominiums above the shops. Greentree, a developer dedicated to helping communities realize their visions, also will start construction on 10 condominium homes nearby.

Greentree Development Group, the outgrowth of Greentree Investment Group, focuses on working with municipalities with unfinished projects and unrealized visions.

"We want to be where municipalities welcome us," said Gunia. "We want to work with them to revitalize their underused areas."

Gunia said Lakepointe is exactly the sort of project Gunia's team looks for. The homes will be ideal for a variety of residents, including first-time year-round homebuyers. The community is close to transportation, shopping centers, work centers and universities. Homes will be available late spring/early summer 2015. Pricing is still being determined.

"There's no better ratable for a community than residential and mixed use," he said. "This is the sort of plan that's environmentally sound and creates a community that exemplifies today's planning standards and makes a great place to live, work or visit."  Listen to Gunia at the groundbreaking here.

The Borough of Hopatcong, established as Brooklyn in 1898, lies on the western shore of Lake Hopatcong, New Jersey's largest lake. With a population of 16,000, Hopatcong is the third largest community in Sussex County.

Greentree Development Group was established in 2011, a spinoff of Greentree Investment Group which is engaged in the development of commercial and residential real estate projects. Greentree Development Group specializes in redevelopment, revitalization, environmentally challenged and financially troubled properties. More information about Greentree is available at www.greentreedevelopmentgroup.com. Information about Lakepoint can be found at www.lakepointenj.com.

Contact:           Doug Fenichel, APR
                       (201) 575-1538, Cell: (973) 769-0688

SOURCE Greentree Development Group