According to Jeff Lagowitz, principal of Metro Commercial's FortLee, NJ office, the goal is to "make this a shopping destination,not only for residents, but for the entire region." The retailcomponent has floor spaces ranging from 3,000 to 30,000 sf, andoccupancy is scheduled for the fall of 2008.
A local partnership began the redevelopment in 2000 byconverting the former Lipton Tea complex--two 12-story buildingstotaling 540,000 sf--into rental apartments. As reported byGlobeSt.com, Toll Brothers, through its Toll Brothers City Livingdivision, hooked up in late 2004 with theApollo-GMAC Real Estate Mezzanine Fund to buy the project and beginconverting the rentals into condos.
Besides Hudson Tea, Toll owns several other adjacent parcels,slating them for residential development. Altogether, Hudson Teaand the adjoining parcels are expected to build out to more than1,400 residences.
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