"The high level of demand at 1300 Grand represents the most rapid sell-out we have ever experienced," according to William S. Friedman, president and CEO of Tarragon. His New York-based firm specializes in developing and managing high-density residential communities.

"In two weeks, we received reservations with deposits for every unit in the building, with the exception of five units that we have decided to 'warehouse' at this time," Friedman continues. "Given the demand for the offerings at 1300 Grand, we hope to accelerate our timetable for completion of the other buildings."

The sell-out of the initial building is expected to bring in a total of $44.5 million, according to Friedman, a number that factors out to an average of almost $380,000 per unit. Total construction cost for the first building is estimated to be about $28.5 million.

To get the ball rolling for the rest of the project, Tarragon and the locally based URSA Development Group have also announced that they have opened a sales and design center for Upper Grand, as the redevelopment is being called. The two companies are remaking the site as the city-designated redevelopers for the tract.

Upper Grand is also getting some new retail, according to company officials, including a new Shop-Rite supermarket. A new stop on the Bergen-Hudson light rail line is also within the redevelopment zone.

Tarragon is a relative newcomer to the Garden State. The company's portfolio of 15,000 apartments and 1.2 million sf of commercial space, valued at almost $1 billion, is concentrated primarily in Florida, Connecticut and Texas.