{"id":65,"date":"2015-03-29T04:46:42","date_gmt":"2015-03-29T04:46:42","guid":{"rendered":"http:\/\/buysellrenthudsoncountynj.com\/?p=65"},"modified":"2015-03-29T04:46:42","modified_gmt":"2015-03-29T04:46:42","slug":"advance-realty-debartolo-development-form-joint-venture-partnership-to-develop-centerpiece-mixed-use-project-in-hudson-county-town","status":"publish","type":"post","link":"https:\/\/buysellrenthudsoncountynj.com\/?p=65","title":{"rendered":"ADVANCE REALTY, DEBARTOLO DEVELOPMENT FORM JOINT VENTURE PARTNERSHIP TO DEVELOP CENTERPIECE MIXED-USE PROJECT IN HUDSON COUNTY TOWN"},"content":{"rendered":"
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\"Riverbend<\/a><\/em><\/strong><\/p>\n

JV will create 1,000 luxury multifamily residences and 20,000 square feet\u00a0<\/em>\u00a0of retail space in town\u2019s Riverbend District<\/em><\/strong><\/p>\n

\u00a0<\/strong>Harrison, NJ, <\/strong>\u2013 Advance Realty and DeBartolo Development, LLC, have formed a joint venture partnership to develop six buildings on three blocks within the Riverbend District of Harrison, N.J. The large-scale mixed-use project will serve as the centerpiece in the continued revitalization of the Hudson County town.<\/p>\n

The first block to be developed, located at the corner of Cape May Street and Frank E. Rodgers Boulevard, is slated for vertical construction to begin in early 2015. The building will feature 286 luxury multifamily residences, an onsite parking deck and extensive indoor and outdoor amenities. When completed, the project will include 1,000 apartments and 20,000 square feet of premium retail space on the three blocks.<\/p>\n

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Situated near the Harrison PATH station, which is currently undergoing a $256 million renovation, and the 25,000-seat Red Bull Arena (home to professional soccer\u2019s New York Red Bulls), the joint venture\u2019s new buildings will play a vital role in Harrison\u2019s ongoing emergence as a top destination for renters who seek a premium \u201clive-work-play\u201d lifestyle in a modern urban setting.<\/p>\n

\u201cThis joint venture between Advance and DeBartolo is ready to begin an exciting chapter of urban transformation,\u201d said Edward Kobel, President and Chief Operating Officer of DeBartolo Development.\u00a0 \u201cThe Riverbend of Harrison has the mix of mass transit infrastructure, location, commercial viability and civic support necessary for it to become New Jersey\u2019s next great redevelopment story.\u201d<\/p>\n

In order to move the project through the planning and approval process, the developers have worked closely with Harrison\u2019s municipality, including the offices of the late mayor, Raymond McDonough, and the current mayor, James Fife.<\/p>\n

\u201cThe mayor\u2019s office was instrumental in moving the project forward,\u201d said Peter Cocoziello, President and Chief Executive Officer of Advance Realty. \u201cWe all recognize Harrison\u2019s incredible potential, and we\u2019re delighted to team up with DeBartolo Development in order to bring new luxury apartments and businesses to this great American town.\u201d<\/p>\n

CBRE Executive Vice President Gil Medina facilitated the partnership between Advance Realty and DeBartolo Development.<\/p>\n

About Advance Realty<\/strong><\/p>\n

Advance Realty is a privately owned real estate development, investment and management company headquartered in Bridgewater, N.J.\u00a0 Since its inception in 1979, Advance Realty has acquired or developed more than 10 million square feet of commercial, residential, R&D, industrial and mixed-use projects. Today, the company owns, manages and invests in a diversified portfolio of office, retail, industrial, residential and mixed-use assets in key urban and suburban markets along the Northeast Corridor. The company actively pursues real estate investments that provide opportunity to enhance value through development, repositioning and redevelopment.\u00a0 Advance\u2019s\u00a0strong capital base, fully integrated platform, outstanding talent and flexibility as a privately held organization position the company for continued growth.\u00a0For more information, visit\u00a0www.advancere.com<\/a>.<\/p>\n

About DeBartolo Development<\/strong><\/p>\n

DeBartolo Development, LLC is an established private real estate investment and development company that operates on\u00a0multiple platforms ranging from real estate investment and ground-up development to management solutions. The DeBartolo name has been an icon in the real estate industry for more than seven decades. Since the organization\u2019s beginnings in 1944 when entrepreneur Edward J. DeBartolo, Sr. pioneered the first shopping mall concept, the family\u2019s legacy has been synonymous with success. In 1996, DeBartolo Realty Corporation merged with Simon Property Group (NYSE: SPG), creating the largest public real estate company in North America with a total market capitalization of $7.5 billion. In 2003, DeBartolo Development was formed by five-time Super Bowl Champion owner of the San Francisco 49ers, Edward J. DeBartolo, Jr. and his brother, Edward M. Kobel, to continue the family\u2019s tradition of excellence in real estate. Today, led by Mr. Kobel and a dynamic management team, DeBartolo Development invests in real estate assets of all sizes and scopes, focusing on opportunistic acquisitions and market-driven, ground-up development of retail,\u00a0multifamily, hospitality and mixed-use projects throughout the United States.\u00a0 The DeBartolo team specializes in asset management, development, construction, investment, acquisitions\/dispositions, leasing, property analysis, financing, and recapitalization strategies. Since 2003, the company has successfully invested in 155 assets with approximate value of $4.6 billion.\u00a0\u00a0For more information about DeBartolo Development, please visit our Website atwww.debartolodevelopment.com<\/a>.<\/p>\n

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