The designated developer for the project is Towne CenterAssociates, a partnership headed by Frank Raimondo of C. Raimondoand Sons Construction, Fort Lee, NJ, and Fred Daibes, who heads theEdgewater, NJ-based Assad Daibes & Sons. The plan sketched outby city officials includes a retail complex centered around apublic plaza, two floors of office tenants, 220 rental apartmentsand underground parking.
One issue is assembly of the site, much of which is in the handsof several private owners. According to city attorney ChristosDiktas, a bond issue would finance acquisition of the site, whichthe city would lease to the developers for a 100-year term. TowneCenter Associates would be expected to separately finance theproject's development.
A planning board meeting is scheduled for mid-January to outlinesite assembly issues, including possible use of condemnation powersto accomplish it.
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