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Public Stake in $450-Mil Complex Will Rise to $140 Mil

SECAUCUS, NJ-The controversial $450 million transit project, being developed by a firm that began by erecting billboards, has been limping along, with lenders having been slow to commit.

By Eric Peterson | Updated on July 15, 2001

SECAUCUS, NJ-Allied Outdoor Advertising bought a 28-acre site just off the New Jersey Turnpike for $120,000 in the early 1980s, planning to put of a string of billboards along the toll road. Somewhere along the way, Allied officials decided the site could be better used as a commercial real estate development.

By 1993, the now-named Allied Junction Corp., based in Rutherford, NJ, had a deal with the State of New Jersey to build a rail transfer station, on-site commuter parking, a new Turnpike interchange and up to five office towers soaring as much as 40 stories. Allied CEO William McCann has termed the $450 million project one that “will take New Jersey out of the shadow of New York. We will create a new landmark.”

The State, through New Jersey Transit and the New Jersey Turnpike Authority, had earlier staked Secaucus Connection LLC, as Allied’s development arm is called, to more than $55 million to get the transit part of the project rolling. The rail transfer station, which will be the largest train station in the state when it’s finished, has been under construction for several years and is targeted for a fall 2002 completion.

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