News
RIVERBEND!
November 25, 2008
| We thought we should show you we're broadminded enough to cover New Jersey, too, so the headline above refers to the name of thelargest transit-oriented development in the state, located in Harrison. With site remediation under its belt, Advance Realtycontinues to move forward on it, and we stopped by the site to get the latest from COO Kevin Tartaglione. |
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| The developer just finished removing more than 48k cubic yards ofcontaminated soil from the 35-acre land that once housed a steel pipe manufacturing facility, the first phase out of a total 85 acres. Advance is now ready to start the horizontal infrastructure construction of site utilities and roadways in time for the anticipated October opening of the 25,000 seat Red Bull Arena, a pro soccer facility currently under development (sorry for last weekend's loss to Columbus Crew). The developer is nowaccepting bids for the work, which it hopes to award in time for aJanuary start. |
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| Named for the nearby Passaic River snaking between Harrison andNewark, Riverbend District's first phase will include more than 800k SF of retail, a 16-screen cinema; 200-room and 350-room hotels;1.5M SF of office and 1,800 for-sale and rental residential units.Vertical construction is expected to begin in early 2010 with an expected 2012 completion. Kevin tells us it's poised to become New Jersey's next bedroom community, as professionals get priced out of Hoboken and Jersey City and more want to move from suburbsto urban centers. |
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| The district will mostly appeal to second-generation homebuyersand the younger demographic, Kevin says. Like hip Hoboken, it will have amenities and nightlife, but with the bonus of the nearby Prudential Center, Riverfront Park, New Jersey Performing Arts Center and Red Bull Arena (pictured). There are also 100k commuters who pass through Harrison; 6,000 daily parkers and 30k university students in nearby Newark. It has an onsite PATH station, undergoing its own $180M upgrade; nearby access to NJ Transit, Amtrak and all major roadways; and central access to Newark Airport (15 min.), Manhattan (20-30 min.), Philadelphia (1 hour) and Washington D.C. (3 hours). |
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| When Kevin's not working on Advance's ledger of development and redevelopment projects, such as the The PARC office/research park located at the Picatinny Arsenal in Morris County, the father of four (all undereight!) stays busy by coaching his kids' baseball andfootball teams—and credits wife Jackie for keeping home life organized. |
