82-Unit Redevelopment Property Debuts in NJ
The Hampshire Cos., Claremont Cos., NAI James E. Hanson and Provident Bank began work on an 119,000-square-foot building in Hackensack. The asset is part of the city’s rehabilitation plan.
A joint venture of The Hampshire Cos., Claremont Cos., NAI James E. Hanson Inc. and construction lender Provident Bank broke ground on 389 Main, a mixed-use redevelopment project in Hackensack, N.J. The five-story, 119,000-square-foot building will comprise 82 units and 3,500 square feet of retail space.
Designed by Minervini Vandermark, 389 Main will be 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 in fall 2019, the property will feature eight studios, 48 one- and 26 two-bedroom apartments. Amenities will include:
- a gym
- indoor lounge areas
- public outdoor terrace
- storage lockers
- private balconies for select units
- on-site parking
- bicycle storage
Hackensack’s Rehabilitation Plan is a long-term redevelopment strategy aiming to attract long-term growth to the city. The plan defines as a redevelopment zone a 163-acre area with 389 properties in need of revitalization, in order to attract commercial real estate investment. Dozens of projects are currently underway or in the planning stages.
In 2016, The Hampshire Cos. and partner CrownPoint Development Group sold a 104-unit boutique apartment building in Harrison, N.J.
Image courtesy of The Hampshire Cos.r