After few deliveries at the beginning of the cycle, development has picked up in the Bergen County Waterfront and surrounding communities.
Since 2013, close to 2,000 units have opened (24% of inventory) and, with about 1700 units under construction

Construction has been concentrated in Fort Lee, Edgewater, and Cliffside Park.
Fort Lee has been transformed by development this cycle. Near the entrance to the George Washington Bridge, there are two Modern Skyscrapers and Hudson Lights.
The redevelopment of three city blocks has created more than 900 new units and an additional 450 are being built and set to open in 2018. The largest is the Modern􀂲when complete it will comprise two 450-unit 47-story
towers.

The first phase opened in October 2014 and has met strong demand. According to management, more than 40% of residents commute into Manhattan, so the complex offers a shuttle across the George Washington
Bridge during rush hour. The second phase broke ground in April 2016 and should open in the second half of
2018. In addition to the existing 75,000 SF of amenities, the complex will have a two-acre public park, a full-service restaurant, and a public theater and museum celebrating Fort Lee􀂶s history in film.
Across the street from the Modern is the first phase of Hudson Lights, which opened at the end of September and features a 276-unit apartment community with 143,000 SF of street-level retail space.

The remaining phases include a 200-unit residential tower, a 175-key hotel, and more than 50,000 SF of ground-level retail.

So far, retail tenants include five restaurants, three banks, a CVS Pharmacy, and an iPic Theaters cinema.
The strength of apartment demand in the Bergen County Waterfront and surrounding area has led at least one condo development to
convert to rentals.

The 100-unit Oyster was originally developed as the second phase of National Resources􀂶􀀃the Pearl condo development at Edgewater Harbor. But when the Oyster opened in June 2016, its units were converted to rentals and marketed for lease.

Coming June 1, 2017 is Cliffside Park’s The CENTRE, A 314 luxury rental building situated on a Piazza with a fabulous water feature with stores and restaurants on the commercial level.  For more information call 201 585-0585 as the promotions are being offered to Friends and Family and early movers and shakers!

TheTowneCENTRE.com

Posted by: norentalfee on May 17, 2017
Posted in: Uncategorized