(Read more on the multifamily market.)
HARRISON, NJ-A 140-foot water tower came crashing down in this Hudson County city last week, one of dozens of former industrial structures slated to be razed in the coming weeks. The 27-acre riverfront site containing the various vacant structures is being cleared to make way for Harrison Commons, a five-phase mixed-use complex that will include a total of 3,000 residences and 90,000 sf of retail along the Passaic River.
The project is being done by a trio of partners, including the Pegasus Group and Applied Development, both based in nearby Hoboken. The third partner is the Beverly Hills, CA-based Canyon Johnson Urban Fund, the private real estate fund headed by Bobby Turner and former basketball star Magic Johnson.
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