Press Release brought to you by The Hampshire Companies

Marking the Latest Chapter in the Resurgence of Hackensack, The Hampshire Companies, Claremont Companies and Provident Bank Celebrate Groundbreaking for Redevelopment Project

05/10/2018

Redevelopment project will bring 82 residential units and 3,500-sq.-ft. of retail to Hackensack’s Redevelopment Zone

Hackensack, N.J. (May 10, 2018) -- The Hampshire Companies, together with their joint venture partners, Claremont Companies, and NAI James E. Hanson, Inc., and construction lender, Provident Bank, celebrated the groundbreaking for 389 Main, a 5-story, 119,000-square-foot mixed-use project at 383-389 Main Street in Hackensack, N.J.  Executives from The Hampshire Companies, Claremont Companies, NAI James E. Hanson, Inc. and Provident Bank were joined by Hackensack Mayor John Labrosse, Deputy Mayor Kathy Canestrino, Director of Redevelopment Albert Dib and Councilwoman Stephanie Von Rudenborg to celebrate the official start of the project that will bring 82 modern residential units and 3,500 square feet of retail space to the city in the fall of 2019.     

Designed by project architect, Minervini Vandermark, 389 Main will be tailored to the needs of the modern apartment resident. The site lies a third of a mile from the Anderson Street NJ Transit station with direct service to New York City via the Pascack Valley Line. Once completed, the building will feature eight studios, 48 one-bedroom, and 26 two-bedroom high-end market rate apartments to cater to the wide variety of space needs of today’s modern renter. The building will also feature a gym, multiple indoor lounge areas, public outdoor terrace, private storage lockers, private balconies for select units, secure on-site parking, and bicycle storage.  

The property was formerly wholly owned by Sonehan, LLC, who have owned the asset for multiple generations through its underlying owners, the Hanson Family.   This project is an integral piece of Hackensack’s Rehabilitation Plan, a long-term redevelopment plan developed by city officials, local business leaders, and real estate professionals to attract smart, long-term growth to the city. The plan designated a 163-acre area of the city that encompassed 389 properties in need of rehabilitation as a redevelopment zone to attract real estate investments to the city across the retail, residential, office and mixed-use sectors. Through the leadership of Mayor Labrosse’s administration and township officials, dozens of projects are currently underway or in the planning stages.  Within the next five years, hundreds of millions of dollars in investment activity will bring over 2,000 new housing units and thousands of square feet of new retail and hospitality space to the city.

“We have long recognized that a municipal resurgence is only possible if the city’s leadership commits to a long-term and carefully planned out vision,” said James E. Hanson II, President and CEO of The Hampshire Companies. “There is perhaps no city in New Jersey that has executed this vision more effectively than Hackensack behind the leadership of Mayor Labrosse’s team. Together with Claremont Companies, we look forward to working with his administration to continue our long history of successful investments in Hackensack and help bring about a resurgence of the city.”  

“Claremont is excited about the opportunity to work with great partners like the Hampshire Companies, NAI James E. Hanson, Inc. and a forward-thinking team of design professionals to create a project we believe will be a best in class product in the area,” added Maximilian Dorne, Director of Development for Claremont Companies. “It has been a pleasure working with Hackensack’s administration from the inception of this project and their support has allowed us to work on something we believe is synonymous with the goals set forth in the Hackensack Redevelopment Plan.”

William C. Hanson, SIOR, President of NAI James E. Hanson also added, “As a company that has been based in downtown Hackensack for over sixty years, we are deeply honored to work with The Hampshire Companies and Claremont Companies to bring this meaningful and exciting project to life and contribute to the ongoing resurgence of Hackensack.”

“It’s a great day for a groundbreaking and it’s a great day for Hackensack,” Hackensack Mayor Labrosse said. “As you walk the streets of our city, you can’t help but feel a little different with all of the different redevelopment projects going on. There’s a great feeling of anticipation of going on. Projects like this are coming to Hackensack because people are excited about what’s going on.”

To stay connected with The Hampshire Companies and for updates on the latest transactions and news follow Hampshire on Facebook (www.facebook.com/hampshireco), Twitter (@hampshireco), and LinkedIn (www.linkedin.com/company/the-hampshire-companies).

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