The demolition phase will take the building down to its shell, according to Pegasus Group principal Richard Miller, who explains that his company will rebuild it as a four-story structure with 37 luxury residences. The package will include 32 condos and five townhomes. The cost of the project has not been disclosed.
"Our target market is empty-nesters scaling down from no-longer-needed single-family homes and young professional couples moving up to larger, more upscale residences," Miller says. His Hoboken-based company, formed just eight years ago, specializes in adaptive re-use projects.
"We are thrilled that we are going to have a beautiful new building here," says Glen Ridge Mayor Carl Bergmanson, who notes that it's the first new residential project in this community in a number of years. "Residential is clearly the best use for this land."
Besides the residential units, the property will include enclosed parking and a rooftop plaza. Unit sales are expected to start this summer for delivery during 2006.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.