BDP Holdings, a New Jersey-based real estate investment company, announced the acquisition of Lackawanna Plaza, an approximately 7.6-acre development site in Montclair, which includes the historic Lackawanna Terminal.
“As a Montclair resident myself, I understand both the historical and current significance of Lackawanna Plaza for the community,” said David Placek, managing partner, BDP Holdings. “BDP is very excited to acquire this extraordinary property, and we look forward to realizing its full potential, which includes bringing a grocery store back to the neighborhood. It’s an incredible opportunity for us to bring a fresh vision to the property, while still paying homage to the history of Lackawanna Terminal.”
As the largest development site in Montclair, Lackawanna Plaza consists of two parcels separated by Grove Street. The parcel to the west side of Grove Street includes a nearly vacant enclosed mall, former supermarket and office building. The east side parcel currently serves as surface parking.
Built in 1912, Lackawanna Terminal served as the Montclair Branch of the Delaware Lackawanna and Western Railroad from 1913 until 1981 and helped to establish Montclair as a location of major importance just 12 miles from New York City. The terminal was added to the National Register of Historic Places in 1973.
This is BDP Holdings’ third investment in the Montclair area. BDP’s leadership has invested more than $6.5 billion in value-driven real estate across the U.S.
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