FORT LEE, NJ—His new Hudson Lights development will be “transformative,” says  Richard H. Tucker, president and CEO of Tucker Development Corporation.  Following a flurry of leasing activity, Robert K. Futterman & Associates, the exclusive retail leasing agent for Hudson Lights, is marketing the remaining spaces in Phase I of the mixed-use development in Fort Lee, NJ.

“With the 450-unit building that's open right next to us, and we're adding another 276 units in the first phase, it's just an exciting transformation of a great town,” Tucker tells GlobeSt.com exclusively.

The 141,244-square-foot retail component of the forthcoming one-million-square-foot project is now over 60% leased, with  approximately 55,000 square feet of prime retail space available for direct lease before the grand opening in the fourth quarter of 2015.

Tucker says that a significant number of people still do want to live in the suburbs, but there is “a very large number of people that want relatively easy access to Manhattan without living in Manhattan, getting some great quality housing at a value proposition comparing it to Manhattan, and that's a big part of the push. I just think there's a lot of excitement for having this 'live-work-dine-shop-entertain' environment without having to go a long distance for that.”

Even if interest rates rise, as he believes “it's just inevitable” that they will, rates are so low right now that a rate rise almost doesn't matter.

“Funds are being borrowed for quality projects at 225, 250 or less over LIBOR, so you are borrowing money at significantly under three percent. That's providing tremendous opportunities so even if that were to go up a bit, clearly on a construction basis there's not a big impact,” Tucker says. “When that pricing starts to increase on permanent loans, and people from the acquisition standpoint are looking at how that impacts their cash flow, that clearly has an impact. But I still believe that the best quality real estate is something that will continue with strong pricing because you just can't reinvent it.”

RKF's executive vice president Barry Fishbach, senior managing director Glenn Beyer and managing director Jerry Rockoff are exclusively marketing the spaces on behalf of Tucker Development.  The retail at Hudson Lights is playing a major role in the transformation of the retail market in Fort Lee, says Fishbach.

“Hudson Lights – situated directly across the river from Manhattan – represents the urbanization of retail, a trend that has given rise to developments that are anchored by entertainment, dining and lifestyle brands with walkable, downtown-style streetscapes,” he says, noting that the development will be anchored by the 34,000-square-foot iPic Theater.

Including iPic, RKF has arranged 13 new leases totaling more than 86,364 square feet at the project. Other new tenants include CVS/Pharmacy (13,494 square feet), Tanzy (6,773 square feet), Gaonurri Restaurant (6,462 SF), Coldwell Banker (5,500 square feet), Capital One Bank (3,800 square feet),  Paris Baguette (3,508 square feet), Anthony Franco's Pizza (3,163 square feet), Shesmiss (2,259 square feet), European Wax Center (2,102 square feet), New Bank (2,003 square feet),Tutti Nails & Spa (1,926 square feet) and 16 Handles (1,500 square feet).  

Beyer says the remaining spaces are ideal for restaurants and apparel brands, as 1,379 residential units are being developed at Hudson Lights and at The Modern, across the street on Park Avenue.  “Given its easy access to New York City via the George Washington Bridge, we envision this project becoming an extension of the Upper West Side, and will create synergies with Downtown Fort Lee and the waterfront.”