N.J. developer breaks ground on $500 million residential development

Glass towers will house 900 rentals

TRD New York /
Oct.October 17, 2012 03:00 PM

Fort Lee Redevelopment Associates broke ground this morning on a $500 million luxury rental project set to transform Bergen County’s Fort Lee.

The Modern will include 900 luxury rental apartments in two 47-story glass towers on eight acres near the entrance to the George Washington Bridge. Fort Lee Redevelopment Associates is a partnership of real estate developer SJP Residential Properties, Bergen County attorney James Demetrakis and real estate investment firm Palisades Financial.

The ground breaking marks the culmination of a long and storied history at the site, which has sat vacant since the late 1970s. It was the subject of a federal investigation 40 years ago when Fort Lee’s then mayor Burt Ross tipped off the Federal Bureau Investigation that he’d been offered a bribe by corrupt developers with links to the mob in return for approving plans for a controversial skyscraper at the site. Ross agreed to don a wire and later helped the authorities bust the developers.

The new development, slated for completion in 2014, will feature studios, one-, two- and three-bedroom apartments. Rents are slated to range from $1,650 to $6,500 a month. A landscaped public park, public theater and a museum will also be built at the site. – Katherine Clarke


Related Articles

arrow_forward_ios
200 Amsterdam Avenue

Judge scolds 200 Amsterdam developers: “Owner must bear the responsibility”

Judge scolds 200 Amsterdam developers: “Owner must bear the responsibility”
The construction loan for 200 Amsterdam Avenue could be in danger of default after a judge ordered the developers to deconstruct part of the building. (Credit: iStock)

Shock ruling could throw 200 Amsterdam loan into default

Shock ruling could throw 200 Amsterdam loan into default
200 Amsterdam Avenue and Municipal Art Society President Elizabeth Goldstein (Credit: iStock) 

Foes of 200 Amsterdam say other towers safe from cut-down

Foes of 200 Amsterdam say other towers safe from cut-down
Steve Pozycki and 200 Amsterdam Avenue (Credit: iStock)

Developer: UWS residents flocking to tower their neighbors fought

Developer: UWS residents flocking to tower their neighbors fought
UWS tower may be in jeopardy following Supreme court zoning ruling

UWS tower may be in jeopardy following Supreme court zoning ruling

UWS tower may be in jeopardy following Supreme court zoning ruling
SJP and Prudential buy 470 Park Ave South for $245M

SJP and Prudential buy 470 Park Ave South for $245M

SJP and Prudential buy 470 Park Ave South for $245M
SJP, Mitsui Fudosan land $460M in financing for UWS’s tallest development

SJP, Mitsui Fudosan land $460M in financing for UWS’s tallest development

SJP, Mitsui Fudosan land $460M in financing for UWS’s tallest development
Making the old new again: NJ’s biggest city is betting big on office development

Making the old new again: NJ’s biggest city is betting big on office development

Making the old new again: NJ’s biggest city is betting big on office development
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...