real estate

Advance Realty Forms Partnership to Develop Mixed-Use Property

Advance Realty and DeBartolo Development, LLC, have formed a joint venture partnership to develop six buildings on three blocks within the Riverbend District of Harrison. The large-scale mixed-use project will serve as the centerpiece in the continued revitalization of the Hudson County town.

The first block to be developed, located at the corner of Cape May Street and Frank E. Rodgers Boulevard, is slated for vertical construction to begin in early 2015. The building will feature 286 luxury multifamily residences, an onsite parking deck and extensive indoor and outdoor amenities. When completed, the project will include 1,000 apartments and 20,000 square feet of premium retail space on the three blocks.

Situated near the Harrison PATH station, which is currently undergoing a $256 million renovation, and the 25,000-seat Red Bull Arena (home to professional soccer’s New York Red Bulls), the joint venture’s new buildings will play a vital role in Harrison’s ongoing emergence as a top destination for renters who seek a premium “live-work-play” lifestyle in a modern urban setting.

“This joint venture between Advance and DeBartolo is ready to begin an exciting chapter of urban transformation,” said Edward Kobel, President and Chief Operating Officer of DeBartolo Development.  “The Riverbend of Harrison has the mix of mass transit infrastructure, location, commercial viability and civic support necessary for it to become New Jersey’s next great redevelopment story.”

In order to move the project through the planning and approval process, the developers have worked closely with Harrison’s municipality, including the offices of the late mayor, Raymond McDonough, and the current mayor, James Fife.

“The mayor’s office was instrumental in moving the project forward,” said Peter Cocoziello, President and Chief Executive Officer of Advance Realty. “We all recognize Harrison’s incredible potential, and we’re delighted to team up with DeBartolo Development in order to bring new luxury apartments and businesses to this great American town.”

CBRE Executive Vice President Gil Medina facilitated the partnership between Advance Realty and DeBartolo Development.

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