By Tudor Scolca
Jonathan Stein of PCD Capital has acquired a development site for a future apartment community in Bogota, N.J. River Development sold the asset, The River Club, for $17 million. Progress Capital negotiated the transaction on behalf of the seller, while PCD Capital was represented by Chris Otteau of Otteau Realty Advisors.
The upcoming apartment community will comprise 421 luxury units, located on the 13-acre development site between West Fort Lee Road and the Hackensack River. In accordance with COAH requirements, the project will also include 42 affordable units. Common amenities will include a clubhouse, secured parking, swimming pool and riverwalk. A retail component is also planned.
Transforming the riverfront
River Development purchased the site from Hess Corp. in 2014. The oil and natural gas company had used the property as a fuel tank farm, a facility which has since been removed. Situated at 238 W. Fort Lee Road, the upcoming project has all the approvals needed to begin construction, which is slated for this spring.
“The site presented many challenges, including ongoing environmental concerns from the former uses and entitlement hurdles that are inherent in a riverfront development. This project will transform Bogota’s waterfront and create an exciting community,” said Kathy Anderson, managing partner of Progress Capital, in a prepared statement.
Residents of the upcoming luxury apartment community will be near entertainment venues, such as an ice skating and hockey center, a bowling alley and the New Jersey Naval Museum. Several schools are nearby, while other destinations include the Bogota Public Library and three parks along Hackensack River. Interstate 80 is about 10 minutes away, while central Manhattan can be reached in half an hour.
Image courtesy of Progress Capital Advisors