A massive luxury rental and retail project will be built Fort Lee, N.J., by Tucker Development Corp., Ares Management and Kushner Real Estate Group.
The three companies — Kushner has ties but is not part of Jared Kushner’s Kushner Properties — have already secured the $218 million needed for the first phase of the two-phase development, which could break ground next year. Hudson Lights, on a parcel near the western edge of the George Washington Bridge, will include 143,000 square feet of retail space, 276 rental apartments and 864 parking spots.
The developers have received a $117 million construction loan from a unit of Spanish bank Banco Santander and will provide equity for the other $101 million, according to the Wall Street Journal.
The second phase calls for a hotel, 200 more residential units and more retail space. The site is also zoned for an office building, but the developers would add one only if they secure an anchor tenant before construction, Richard Tucker, CEO of Tucker Development, told the newspaper.
The site is next to a two-tower, 900-rental-unit project being developed by SJP Residential Properties, Palisades Financial and attorney James Demetrakis. Tucker hopes to lure luxury retailers and renters interested in a quick commute to New York City, he told the Journal.
“You have, going into Manhattan, a bus literally across the street,” Tucker said.
For four decades, developers have tried to build on the site but have always run into trouble. Tucker bought the land in 2009 from Town and Country Developers, which bought it from the estate of Harry Helmsley in 2005. Town and Country had wanted to put up a a residential building. [WSJ] – Hiten Samtani