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Silverstein Bids to Redevelop Fort Lee Site

FORT LEE, NJ-Silverstein Properties is among a quartet of developers vying to redevelop a vacant site in the shadow of the George Washington Bridge.

By Maria Wood | Updated on August 07, 2009

FORT LEE, NJ-Silverstein Properties Inc. and partner Taubman Centers Inc. are among a quartet of development entities proposing to revive a dormant 15-acre site near the George Washington Bridge. The area has been vacant since the Centuria mixed-use went belly up last year.

In addition to the SPI/Taubman joint venture, the other development entities that responded to the borough’s July 31st call for RFPs were: Tucker Development and Acquisition Fund LP; a partnership of Panepinto Properties, CheongWon LG Corp. and the Straus Group; and Fort Lee Redevelopment Associates LLC, an entity comprised of SJP Residential Properties LLC and James Demetrakis, a lawyer and developer in Bergen County. The submissions propose a mixture of uses for all or a portion of the site.

All the proposals are targeted at redeveloping an area that has a long history of busted projects. At one time, Leona Helmsley owned the site. More recently, Town & Country Affiliates of Woodcliff Lake proposed a mixed-use project named Centuria. Yet last year the developer put the undeveloped site up for sale and the project went into foreclosure.

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