FORT LEE, NJ – Today, after a saga stretching across 40 years and nearly incredible twists and turns – including a thwarted Mafia-backed land-grab in 1974 – construction will at last begin on a rocky 8-acre parcel beside the George Washington Bridge.

SJP Properties and partners officially break ground at 11:30 a.m. on the first phase of redevelopment project called The Modern that will cost $500 million. SJP will start immediately on building the first of two 47-story glass rental towers. The towers will have 450 apartments each.

The overall development, now called The Modern (and previously known as The Centuria) a restaurant, snack kiosk, three-screen movie theater, museum, and a public park. The movie theater and museum are a nod to the site’s early history as the site where many silent films were made.