With the latest acquisition, the Kushner affiliate has now picked up seven properties within the 49-acre redevelopment area. The company has already started demolition and infrastructure work, as well as actual construction on portions of the area that had been acquired earlier.
The newly acquired site, formerly used as a dry-dock facility, is a key parcel located in the center of the redevelopment zone, and company officials say it will speed up the progress of the first phase of their Landings at HarborSide project. With a price tag of an estimated $600 million, the project will bring 2,100 residential units, retail development, recreation, parks, a marina and a hotel to this city's waterfront over the next eight years.
"This purchase continues the accelerated progress of phase one," says Jeffrey Freireich, vice chairman and managing partner of the Florham Park-based Kushner Cos. "Our company recently started construction of 78 condominiums in Phase I, and we have already sold 76 of those 78 units.
"As a result, we are again accelerating the process by moving ahead even more quickly than we had initially hoped, with the submission of plans for a second residential building," Friereich continues. "The second building will include 86 one- and two-story residences." A waterfront park and a community center are also slated for development on the newly acquired parcel.
Besides its latest acquisition here, Kushner recently closed on the acquisition of the site for the 146-townhome Phase I of the residential component within the oceanfront redevelopment in Asbury Park, about 25 miles to the south of here. "We continue to seek additional redevelopment properties in the New Jersey and New York metropolitan area," Freireich says.
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