As reported by GlobeSt.com, Town & Country formally unveiled its site plan and obtained approval in late 2005 for a project consisting of 210,000 sf of retail and office space, a 250-room hotel and 800 luxury condos. The long-vacant 16-acre site, once owned by the late Leona Helmsley, is bordered by Lemoine Ave., Bridge Plaza South, Central Rd. and Main St. near the George Washington Bridge. It's bisected by Martha Washington Way into two roughly equal parcels.
And Town & Country has hired Cushman & Wakefield's Metropolitan Area Capital Markets Group, East Rutherford, to find a buyer for the property. For C&W, Andrew Merin, David Bernhaut, Gary Gabriel and Jose Cruz are heading the assignment.
"Town & Country has assembled an exciting project, for which site work has been completed and approvals are in place," says Merin, in a statement. "The sale will provide an investor the opportunity to get involved in a vital project with extraordinary potential. This is a value-add investment site that ultimately will become a true downtown for Fort Lee, helping to spur the Main Street revitalization and providing a great boost for the city and the larger Bergen County community."
John Johnson, president of the newly formed Centuria Corp., who has been involved with Centuria for several years on behalf of Town & Country and will continue that role, says that "Centuria is going to be a wonderful contribution to Fort Lee, and we are proud of our role in the project to date." He tells GlobeSt.com that "the Cushman & Wakefield group's experience and deep relationships will be great assets in finding an investor to take the master plan from to reality."
The assignment marks a significant expansion of C&W's existing role with Centuria. Just more than a year ago, the firm picked up the assignment to lease the retail portion of the project, amounting to about 120,000 sf.
"Strong demand from upscale retailers and high-end restaurant chains reflects Centuria's appeal," Merin says. "With a strong team in place, the entire project will be ideally positioned to move to the development phase."
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