Hampshire, Claremont and Provident Bank Bring Mixed-Use Redevelopment to Hackensack
The project is an integral part of Hackensack’s Rehabilitation Plan, a long-term redevelopment plan developed by city officials, local business leaders, and real estate professionals to attract smart, long-term growth to the city.
HACKENSACK, NJ—The Hampshire Companies and joint venture partners Claremont Companies and NAI James E. Hanson and construction lender, Provident Bank, have begun work on 389 Main, a five-story, 119,000-square-foot mixed-use project at 383-389 Main Street in Hackensack, NJ.
The project will bring 82 modern residential units and 3,500 square feet of retail space to the city in the fall of 2019.
Designed by project architect Minervini Vandermark, 389 Main will be tailored to the needs of the modern apartment resident. The building will feature eight studios, 48 one-bedroom, and 26 two-bedroom high-end market rate apartments. The building will also feature a gym, multiple indoor lounge areas, public outdoor terrace, private storage lockers, private balconies for select units, secure on-site parking, and bicycle storage.
The property was formerly wholly owned by Sonehan, which has owned the asset for multiple generations through its underlying owners, the Hanson Family.
The project is an integral part of Hackensack’s Rehabilitation Plan, a long-term redevelopment plan developed by city officials, local business leaders, and real estate professionals to attract smart, long-term growth to the city. The plan designated a 163-acre area of the city that encompassed 389 properties in need of rehabilitation as a redevelopment zone to attract real estate investments to the city across the retail, residential, office and mixed-use sectors.
Through the leadership of Mayor John Labrosse’s administration and township officials, dozens of projects are currently underway or in the planning stages. Within the next five years, hundreds of millions of dollars in investment activity will bring over 2,000 new housing units and thousands of square feet of new retail and hospitality space to the city.
“We have long recognized that a municipal resurgence is only possible if the city’s leadership commits to a long-term and carefully planned out vision,” says James E. Hanson II, president and CEO of The Hampshire Companies. “There is perhaps no city in New Jersey that has executed this vision more effectively than Hackensack behind the leadership of Mayor Labrosse’s team. Together with Claremont Companies, we look forward to working with his administration to continue our long history of successful investments in Hackensack and help bring about a resurgence of the city.”
“Claremont is excited about the opportunity to work with great partners like the Hampshire Companies, NAI James E. Hanson, and a forward-thinking team of design professionals to create a project we believe will be a best in class product in the area,” says Maximilian Dorne, director of development for Claremont Companies. “It has been a pleasure working with Hackensack’s administration from the inception of this project and their support has allowed us to work on something we believe is synonymous with the goals set forth in the Hackensack Redevelopment Plan.”
“As a company that has been based in downtown Hackensack for over sixty years, we are deeply honored to work with The Hampshire Companies and Claremont Companies to bring this meaningful and exciting project to life and contribute to the ongoing resurgence of Hackensack,” William C. Hanson, SIOR, president of NAI James E. Hanson says.
“It’s a great day for a groundbreaking and it’s a great day for Hackensack,” says Mayor Labrosse. “As you walk the streets of our city, you can’t help but feel a little different with all of the different redevelopment projects going on. There’s a great feeling of anticipation of going on. Projects like this are coming to Hackensack because people are excited about what’s going on.”