(Read more on the multifamily market.)

HOBOKEN, NJ-The S. Hekemian Group has been picked by this city to redevelop the 1.1-acre parcel of land that currently holds the town’s public garage site. The city council voted late last week to sell the site to the Paramus, NJ-based developer for $25.5 million. Council members picked SHG over competitive bids from Trammell Crow Co. and MDK Development.

Located in this city’s downtown area, within five blocks of the NJ Transit rail and PATH stations, the site is bounded front and back by Observer Hwy. and Willow Ave. And what SHG has in mind for the site, according to principal Peter Hekemian, is primarily a residential condo building with 240 units. Nearly two-thirds of the units would be either two or three bedrooms in layout, and the building would rise to 12 stories along Observer Hwy, and step down to eight floors along Willow Ave.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.