X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CLIFFSIDE PARK, NJ-The details are a little sketchy, but city officials have taken the wraps off a proposed downtown mixed-use complex aimed at spurring a larger redevelopment effort in this Bergen County community. The proposed Towne Center, based on a plan developed by consultants Burgis Associates of Westwood, NJ, would cost an estimated $40 million to build.

The designated developer for the project is Towne Center Associates, a partnership headed by Frank Raimondo of C. Raimondo and Sons Construction, Fort Lee, NJ, and Fred Daibes, who heads the Edgewater, NJ-based Assad Daibes & Sons. The plan sketched out by city officials includes a retail complex centered around a public plaza, two floors of office tenants, 220 rental apartments and underground parking.

One issue is assembly of the site, much of which is in the hands of several private owners. According to city attorney Christos Diktas, a bond issue would finance acquisition of the site, which the city would lease to the developers for a 100-year term. Towne Center Associates would be expected to separately finance the project’s development.

A planning board meeting is scheduled for mid-January to outline site assembly issues, including possible use of condemnation powers to accomplish it.

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. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

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.