FLRA, a JV of SJP Residential Properties LLC and James Demetrakis, a lawyer and developer in Bergen County, is one of four entities that have submitted bids to redevelop the 15-acre site. The other three include: Silverstein Properties Inc. and partner Taubman Centers Inc.; Tucker Development and Acquisition Fund LP; and a partnership of Panepinto Properties, CheongWon LG Corp. and the Straus Group. The submissions propose a mixture of uses for all or a portion of the site.

Ira Bergstein, principal of Palisades Financial, tells GlobeSt.com that the firm met with all the firms that submitted bids. "It is our belief that Fort Lee Redevelopment Associates has prepared the most comprehensive plan to address the varying needs of the Borough of Fort Lee, and is the development team best equipped to ensure the success of this project," he says. "I am confident that we have entered into an agreement to sell the east parcel to the development team that has the experience and wherewithal necessary to obtain the approvals and successfully complete the redevelopment of this important property. We believe that FLRA's plan, the Center at Fort Lee, will be a driving force in generating significant ratables for the borough and an enhanced quality of life for the Fort Lee community, and will be a success for Palisades and our investors."

In April 2007, Palisades Regional Investment Fund II made a $48-million loan to Town and Country Developers for its Centuria mixed-use project. A year later, the loan went into default. At the time of the Sheriff's sale, the indebtedness--including default interest and fees--totaled $60 million.