MONTCLAIR, N.J., Feb. 10, 2015 — Today, The Pinnacle Companies announced a joint venture with The Hampshire Companies, a full-service, private real estate investment firm with equity in assets valued at over $2.5 billion, to develop The MC hotel in Montclair. The Chicago-based Aparium Hotel Group will manage the hotel.

The 148-room luxury boutique hotel will break ground in the spring of 2015, and will include a rooftop bar, farm-to-table restaurant, conference center and a public art atrium.

“We are proud to partner with The Pinnacle Companies on this iconic project and bring the first new, full-service hotel to Montclair since the Hotel Montclair closed in 1938,” said Norman A. Feinstein, Vice Chairman of The Hampshire Companies. “Montclair continues to undergo a dramatic resurgence and its vibrant culture and community played a lead role in Marriott International selecting it for its renowned Autograph Collection portfolio.”

The Hampshire/Pinnacle team will submit final construction plans in March, with an anticipated spring groundbreaking.

“We’re thrilled to be partnering with The Hampshire Companies, one of the most respected real estate investment firms in New Jersey for several decades,” said Brian M. Stolar, President and CEO, The Pinnacle Companies.

“We have a great deal of passion for the history and culture of Montclair,” said Kevin Robinson, COO and Managing Partner of Aparium Hotel Group. “Our approach to the positioning and management of The MC hotel will be consistent with our ‘trans-local’ hospitality concept, in which we will create an environment that becomes a destination sought out by travelers and a favorite place for locals.”

Aparium’s Executive Culinary Director Suzy Crofton, a Michelin-star chef, will lead The MC’s food and beverage program, which will include multiple venues including a lobby market, full service restaurant, ground level bar and a rooftop bar. Each outlet will source its product from and collaborate with regional farmers and purveyors, local breweries, coffee roasters and spirit makers.

“Our goal is to create dining venues that are true to the region and recognized as the best in the market,” continued Robinson.

The hotel’s public atrium will provide a forum for art and cultural exhibitions: “We couldn’t be more pleased that the public atrium of the hotel will provide a forum for art and related activities, underscoring Montclair’s reputation as a destination for art and culture,” said Lora Urbanelli, Director of the Montclair Art Museum (MAM).

“MAM is very hopeful and excited about the entire CentroVerde project—which includes the Valley & Bloom mixed-use development and The MC hotel—we’re thrilled about its potential for attracting visitors to the town and of course to the museum. Moreover, the project will help not only with the revival of this area but also with connecting the western entrance of town to the shops and restaurants in Montclair’s central business district,” continued Urbanelli.

The MC hotel development team is working with the community to develop a wide range of cultural activities for the rooftop bar area, such as morning yoga, programs with Jazz House Kids and the Montclair Film Festival.

The hotel’s construction loan financing will be provided by US Bank, the nation’s 5th largest bank with assets of nearly $400B.