Pinnacle Out as Redevelopment Partner

MORRISTOWN, NJ-Last summer, the Levine family, owner/operator of the 92-year-old Epstein’s department store, held a press conference with redevelopment partner, the Millburn, NJ-based Pinnacle Communities, to announce a sweeping, $70-million plan to tear down the existing 111,000-sf building and replace it with new buildings encompassing 80,000 sf of retail including a new, downsized Epstein’s, and 250 residential units. Now, Pinnacle is abruptly out of the project.

According to a published report, Levine axed Pinnacle earlier this week, but it was Pinnacle that subsequently announced the separation. In a written statement, company officials said, “[subsidiary] Pinnacle Downtown has worked tirelessly…to prepare a plan to replace the Epstein’s department store … . We were dismayed to learn that [owner] Michael Levine is attempting to repudiate our joint venture agreement … .

“[We have] been involved in the project … for over a year … ,” the statement continues. “Needless to say, we are surprised, confused and disappointed by Mr. Levine’s action, and will have no choice but to pursue all of our rights under our business agreement with Mr. Levine.”