Redevelopment Announcement is Delayed

HARRISON, NJ-A press conference scheduled for yesterday morning to announce that an agreement had been signed to redevelop 275 acres along the Passaic River was postponed. No reason was given for the delay, and the project is apparently still on – the official announcement is now expected to come on Thursday morning.

All of the project’s components are still in place, including 3.4 million sf of office space, 600,000 sf of retailing, 3,000 new residences and a hotel. The developers include Millrose Harrison, a joint venture between Roseland Properties of Short Hills, NJ and Edgewater, NJ-based Millennium Homes, who will build 885,000 sf of offices, 100,000 sf of retail space and 428 residences on 31 acres.

The Pegasus Group is slated to build the hotel. And the Advance Group, Bedminster, NJ, will put together the largest component of the project – 2.5 million sf of offices, 600,000 sf of retail and 2,500 residences on 135 acres. Discussions are continuing on the proposed 25,000-seat stadium and parking facility Advance wants to build for the MetroStars professional soccer team.