HACKENSACK, NJ–The land has traded for what will be the first “rehabilitation zone” site on Main Street here, in a deal arranged by Alexander Anderson Real Estate Group. The Hackensack-based company arranged the assemblage of property with multiple owners and brokered its sale.

There are currently seven small buildings and a parking lot on the 1.5 acres at 150-170 Main St. The site will make way for a developer's proposed 14-story mixed-use building, with ground-floor retail and more than 300 residential units, according to Eric Anderson, the brokerage's CEO.

The project would take advantage of the higher building heights permitted in the rehabilitation zone. The City of Hackensack put its formal Rehabilitation Plan in place last year, relaxing zoning laws and increasing access to parking and transportation.

"When the redevelopment plan passed, many talked about bringing large projects to Main Street in Hackensack, but there were no lots large enough to accommodate serious developers," said Anderson.

“We were able to envision the best location for a large scale mixed-use project, source and privately engage each of the building owners - convincing them to sell all 8 parcels to one developer,” Anderson said.

The firm is currently working on 15 other assemblages in downtown Hackensack.