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Advance Realty Receives Site Plan Approval for 345 Apartments and 18,000 SF of Retail at Riverbend District in Harrison, N.J.

01/13/2014

HARRISON, N.J. (Jan. 13, 2014) — Advance Realty today announced a significant milestone at Riverbend District, the company’s transit-oriented, Smart Growth award-winning development in Harrison, N.J. The leading Northeast owner and developer of Class A office, mixed-use and multifamily propertieshas received approval from the Town of Harrison to develop 345 luxury apartments and 18,000 square feet of retail space.

The development will take place on a portion of Riverbend known as “Block D,” which is bounded by Riverbend Drive to the north, Pete Higgins Boulevard to the east, Crucible Drive to the south and Fifth Street to the west. The vibrant mix of residential and retail space will play an integral role in the continued success of the Harrison Waterfront Redevelopment Project, the town's revitalization plan that capitalizes on its transit-friendly PATH.

Consisting of a mix of studio, one-bedroom and two-bedroom loft-style apartments, the residential portion of Block D, which is located adjacent to Red Bull Arena, will put residents conveniently close to multiple modes of mass transit, including NJ Transit, Amtrak and a centrally located, onsite PATH station that will benefit from the Port Authority of NY and NJ’s $256 million investment to completely redevelop and modernize the station. Residents will enjoy a number of high-end amenities including community rooms, rooftop decks, a swimming pool and a private fitness center.          

The retail component, which will feature a sports-themed bar and restaurant, a gym and various other offerings, will contribute to Riverbend’s burgeoning live-work-play atmosphere. The transformation of a long underused former manufacturing and industrial site, the 35-acre Riverbend District extends the Harrison street grid, creating six new city blocks and providing the foundation for a new neighborhood.

“The receipt of this approval is an exciting next step in the continued revitalization of the Harrison riverfront and the area surrounding Red Bull Arena,” said Michael Sommer, Managing Director of Development of Advance Realty.“I’d like to thank the Harrison Redevelopment Agency and the Planning Board for embracing our vision for the area. We look forward to bringing to market this significant component of the Riverbend District, which is oneof the largest urban redevelopment projects underway in New Jersey and is quickly becoming one of the state’s premier mixed-use transit villages.”

Riverbend District, which has been honored by the Hudson County Planning Board with a Smart Growth Silver Award for its role in the continued development of a mixed-use, compact, pedestrian-friendly transit village, will feature additional retail, a hotel and office space. Panasonic Corporation of North America recently moved into its new technology center that Advance developed at the site. This build-to-suit facility houses the company’s engineering offices, a lab and various testing facilities.

Advance is included among a number of the region’s most prominent residential and commercial real estate developers that banded together to form the Harrison Community Development Association, a coalition dedicated to working cooperatively with town officials and the local community to promote and drive development.

Located in the southern portion of town, Harrison’s 250-acre redevelopment area encompasses 32 percent of the town’s 1.2 square miles. The town’s master plan calls for the transformation of the area over 10 years. The area is within a mile of Downtown Newark, less than five miles from Jersey City and eight miles from Manhattan.

The comprehensive redevelopment effort will deliver new residential opportunities and hundreds of thousands of square feet of retail and commercial space, as well as public spaces, and serve as a significant economic catalyst for Harrison, which is easily accessed via the New Jersey Turnpike and located within a few miles of Newark Liberty International Airport, I-280, the Garden State Parkway, US Routes 1 and 9 and Interstate 78.

 

About Advance Realty

Advance Realty is a privately owned real estate development, investment and management company headquartered in Bridgewater, N.J.  Since its inception in 1979, Advance Realty has acquired or developed more than 10 million square feet of commercial, residential, R&D, industrial and mixed-use projects. Today, the company owns, manages and invests in a diversified portfolio of office, retail, industrial, residential and mixed-use assets in key urban and suburban markets along the Northeast Corridor. The company actively pursues real estate investments that provide opportunity to enhance value through development, repositioning and redevelopment. Advance’s strong capital base, fully integrated platform, outstanding talent and flexibility as a privately held organization position the company for continued growth. For more information, visit www.advancere.com.

01/13/2014 - 12:11

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Advance Realty

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