FORT LEE, NJ—Tucker Development Corp. has received site approval for its mixed-use Hudson Lights project on an 8-acre site near the George Washington Bridge in downtown Fort Lee.
“We are pleased to have secured approval to move forward with this state-of-the-art, mixed-use development that is a key part of the dynamic and transformative plans for this Gold Coast community,” says Richard H. Tucker, the company’s CEO in a statement. “We’ve worked to create a vibrant ‘shop, dine and live’ quality environment - one of which, when completed, we will all be proud.”
Hudson Lights would occupy the western part of a 16-acre redevelopment site that is now fully approved for comprehensive redevelopment. In March, final approval was granted for two 47-story towers to rise on the eastern part of the site. The Modern, as that part of the redevelopment is called, is to be built by a partnership of SJP Residential Properties, Bergen County attorney James Demetrakis and real estate investment firm Palisades Financial. It is planned to include 902 rental units, a restaurant, snack kiosk, three-screen movie theater, museum, and park.
The 498-foot towers would be the tallest in Bergen County. The Hudson Lights plan features 165,000 square feet of ground-level retail space, to be marketed by Robert K. Futterman & Associates, and up to 477 residential units. The plan has options for a 175-room hotel, an office building and 1,200 parking spaces.
Tucker said last week that talks are underway with lenders to obtain financing for the project, which has an estimated $400 million price tag.
Illinois-based Tucker’s has frontage on Lemoine Avenue, Main Street, Martha Washington Way and Bruce Reynolds Boulevard. Also, two new roadways would be constructed to create pedestrian-oriented approaches to the retail shops.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
