A $100 million mixed-use development may soon rise into the sky above on an old Hess property in the shadow of the Bergen County courthouse.
BOGOTA -- A $100 million mixed-use development may soon rise into the sky above on an old Hess property in the shadow of the Bergen County courthouse.
The River Club, a 421 unit luxury development complete with a river walk, outdoor plazas and commercial space, is planned on 14 acres on the Hackensack River.
"It's an exciting opportunity to develop an eyesore," Councilman Tom Napolitano said. "The site has been vacant for years and now will generate much-needed revenue for the borough."
River Development LLC purchased the site several years ago and has since removed 17 oil tanks left behind by Hess Corp, said Managing Partner Warren Waters.
Hess unloaded the property in 2014, along with other sites in Edgewater and Secaucus.
Remediation work on the property was completed after the tanks were removed, Waters said.
"There are not a lot of sites like this left in Bergen County," Waters said.
As part of the project, the developer will build a 2,200-foot riverwalk along the Hackensack River, Waters said.
The proposal will go before the borough's Planning and Zoning Board on Nov. 22, and Waters said the plan is expected to pass.
The Hess property as it appeared in 2014.by Adam Elmquist, via CreativeCommonsWaters said construction could begin in early 2017 with the first phase of the project completed within 24 months.
"It meets all the requirements of our redevelopment plan," Napolitano said. "The planning board is thinking very positively of the project."
Napolitano said the project is estimated to bring in over $60 million in revenue to the borough over 30 years.
Due to a lack of facilities at the site, River Development LLC will be adding an entire sewer system along the peninsula to meet the needs of tenants.
The Hess property shown in 2014by Adam Elmquist, via CreativeCommonsThe site will also include 800 parking spaces, a retail component on West Fort Lee Road, as well as more than 40 units set aside for affordable housing.
Waters said the remaining units will be available at market rate, to be determined when the project is complete.
"We are looking at empty nesters in their 50's as well as young tenants," said Waters. "Employees from Hackensack Hospital and county employees who can walk to work."
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