HACKENSACK, N.J. — City Council and Hackensack Mayor John Labrosse unanimously voted to select a conditionally designated redeveloper for the city-owned 4.3 acre "Lot C" property.
The winning plan was submitted by a joint venture of Hornrock Properties and Russo Development.
The $86 million project includes two mixed-use buildings totaling 338 residential units and 4,000 square feet of retail space, as well as 200 public parking spaces, community amenities and a "Gateway" public park, a press release says.
The Lot C site is located between the East Salem Street Extension, Midtown Bridge Approach and Midtown Place across from Foschini Park.
Plans at the new development include an outdoor pool, urban garden, fire pits, communal kitchen, pet friendly spaces and much more. The apartments are expected to include 9-foot ceilings, oversized windows, chef-inspired kitchens and energy efficient appliances.
The project will transform an underutilized parking lot into a vibrant residential and retail community that will complement the city's ongoing Downtown Redevelopment initiative, which is adding nearly $1 billion in total new real estate value and is helping the city reduce residential property taxes, the press release says.
"Selecting this redevelopment plan represents another step forward in our mission of revitalizing Hackensack and making it the best small city in the state," Mayor Labrosse said.
"This project will create substantial new city revenue and continue growing Hackensack in a responsible, sustainable way that will benefit all residents and taxpayers."
The agreement approved includes a net offer of more than $8 million to the city for purchase of the lot, plus a parking revenue sharing agreement.
The property is expected to generate significant new tax revenue and the city will now be entering into negotiations with the developer on a financial agreement. It had been generating no tax revenue previously.
The city issued a request for proposals in August 2016 seeking qualified redevelopers for the property and formed a selection committee to evaluate the submissions, with the Hornrock/Russo project ultimately chosen.
More than 2,200 new residential units and 140,000 square feet of new retail space is currently under construction or approved in Hackensack, with most concentrated in the City’s Downtown Redevelopment Area along Main Street.
This development boom represents nearly $1 billion of real estate value in Hackensack.
The City has aggressively sought out redevelopment opportunities in the area that will generate significant new municipal tax revenue while returning people to the City’s downtown district to live, work and play.
At the same time, Hackenasck is investing in recreational facilities, open space and community attractions like the new Performing Arts Center, meeting its commitment to balanced community development.