X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HACKENSACK, NJ-The plan is to redevelop the block bounded by Essex and Thompson streets and Prospect and Summit avenues in Hackensack, NJ, replacing obsolete buildings with a four-story, mixed-use building aimed at retail, banking and medical users. Existing retail tenants will stay for now and have the option of staying permanently once the next structure is done.

From a total of seven developers submitting proposals, city fathers opted for the local guy–Alfred Sanzari Enterprises, based nearby. Alfred Sanzari himself is a lifelong Hackensack resident and has worked on everything from Court Plaza in Hackensack, to the Glenpointe complex in Teaneck. This project is on a smaller scale, but is no less important in an economic sense.

The $22.6-million development will total 79,000 sf of rentable space, and it will be done without city funds. The RFP stipulated that the winning developer would reimburse the city for legal, engineering and related costs and execute the project at no cost to taxpayers.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.