The Mint, a 116-unit rental building at 81 Monroe St., officially opened with a ribbon-cutting ceremony on Friday.

It’s the third development to begin leasing in the past several months, totaling some 380 units downtown. Also opening within the past several months were Reva Rahway , a 219-unit complex at 245 Main St. and The Gramercy at 44 E. Cherry St., which includes 45 units.

Initial monthly rents at The Mint start at $1,545, with one month free on a 13-month lease, according to The Marketing Directors, the building’s marketing and leasing agent. Immediate occupancy is available.

Amenities within the building will include a lobby with transit screen and communal work space, resident-only club room, lounge with billiards table and work cubes, fitness center and yoga room, a dog wash room. A second-floor landscaped deck includes a swimming pool, barbecue area and fire pit. Some units include private balconies and terraces.

City officials were joined by representatives from development partners Fields Development Group and Slokker Real Estate Group for Friday’s ceremony, which was rescheduled from November. The architect on the project was  Minno & Wasko, with offices in Lambertville and Newark.

The Mint is the first of two buildings that will be constructed at Main and Monroe streets. The five-story project will include 57 one-bedrooms, 35 two-bedrooms, and 24 studios, over a ground floor of 119 parking spaces. There also will be about 2,200 square feet of ground-floor retail space along Main Street. The project includes extending Monroe Street across Main Street to connect it to East Cherry Street.

The second building is expected to begin construction this spring now that the first is completed. It also will be five stories high and include 84 units but that could see another 16 units added if the Redevelopment Agency gives its approval.

The second building will be built further north on Main Street, on the corner of Poplar Street, and include about 2,500 square feet of ground-floor retail across two spaces as well as 106 parking spaces across two levels. The Planning Board approved both buildings as part of one application in 2015, with a total of 208 units.

The entire development ultimately will pay about $360,000 in the first year of its 30-year Payment In Lieu Of Taxes (PILOT) agreement that was approved by City Council in 2014. PILOT payments will increase about 3 percent annually.

The project, also known as Dornoch II and Main & Monroe during the planning process, was constructed in space that previously was occupied by Parking Lot B, a 55-space surface parking lot run by the Parking Authority (now Parking Utility). Previous developers also had acquired and razed several Main Street buildings in the mid-2000s before the real estate market crash in 2008.