The Hampshire Companies along with Russo Development, announces plans to convert the former home of The Bergen Record, a 19.78-acre site located at 150 River Street in Hackensack, N.J. into a luxury residential community featuring 650 residential units and 18,000 square feet of retail space. With demolition of the site’s existing buildings in its final stages, construction for the multiphase project is slated to begin this summer. The project marks Hampshire’s third Opportunity Zone investment and second in Hackensack since the federal program was launched.
A joint venture between The Hampshire Companies and Russo Development together with Fourth Edition Inc., a real estate and development firm formed by the Borg Family, long-term owners of the property since the 1940s, the project is one of multiple redevelopment projects in varying phases helping to lead the renaissance of the burgeoning city. Once completed, the development will be the largest riverfront community of its kind in Hackensack, connecting Main Street to a public promenade along the Hackensack River via Atlantic Street.
“Extending back almost 100 years, Hampshire’s roots have always been firmly planted in Hackensack,” said James E. Hanson II, President & CEO of The Hampshire Companies. “We are proud to invest in the next chapter of Hackensack’s vibrant history as we look to create a transformative project that will support the continued success of the city’s resurgence.”
Located between River Street and the Hackensack River, 150 River Street has sat vacant since The Bergen Record moved to their new headquarters in Woodland Park in 2009. In 2012, with several large, obsolete office and warehousing spaces occupying the site, the vacant property was integrated into the City of Hackensack’s ambitious redevelopment plan. Hampshire recognized that the site’s proximity to Hackensack University Medical Center and the Bergen County Courthouse complex, as well as highway access from both Route 4 and Interstate 80 provided for ideal redevelopment potential and another opportunity to directly participate in Hackensack’s ongoing resurgence.
“Taking a long-term approach to the property, which has been in our family for generations, was the right move, and we wanted to have a role in shaping its future use,” said Stephen Borg, President of Fourth Edition, Inc. “Jon Hanson helped us partner with Ed Russo, who impressed us with his track record and vision for the project. We were very comforted that, like we do, Ed and Jon have deep roots in Hackensack.”
The first phase of construction includes 272 apartments and features amenities including a pool with an active courtyard, fitness center, rooftop deck, work-from-home center and private event space.
“It’s thrilling to work with our partners and City leadership to shepherd in the next phase of Hackensack’s incredible redevelopment story,” added Edward Russo, CEO of Russo Development. “As a designated redevelopment zone within an Opportunity Zone, The Record site is a perfect storm for creating economic growth and development in an area of the state which needs both.”
In addition to the property’s location within Hackensack’s redevelopment zone, it also lies in a newly established federal Opportunity Zone. Created by the Tax Cuts and Jobs Act of 2017, the Opportunity Zone program is designed to spur economic development through providing preferential tax treatment for real estate investments in areas deemed as Qualified Opportunity Zones in all 50 states. In New Jersey, the federal government has approved zones across 75 municipalities and 169 census tracts.
Since the Opportunity Zone program’s launch last year, The Hampshire Companies has leveraged their business and investment acumen to identify strategic sites within identified Opportunity Zones in the northeast for future development. In late 2018, Hampshire acquired the former Arena Diner site at 250 Essex Street in Hackensack and is currently in the midst of a redeveloping the .69-acre site. Hampshire’s partnership in 150 River Street marks their second investment in Hackensack under the federal program and third Opportunity Zone investment with several other projects in the pipeline.
About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at HampshireRE.com.
To stay connected with The Hampshire Companies and for updates on the latest transactions and news follow Hampshire on Facebook, Twitter and LinkedIn.
About Russo Development, LLC
Russo Development is one of the most active, privately held developers of industrial, data center, and multifamily properties serving the New Jersey market. Russo has earned a reputation for well-planned developments that are distinguished by their emphasis on detail and quality. Over their 45-year history, Russo has completed more than 8 million square feet of industrial projects and has become one of the largest owners of data center space in the New York metropolitan area. The firm has also completed approximately 1,500 rental apartments during the past several years and has a multi-family pipeline of over 3,500 units planned in various New Jersey communities over the next 5 years. To learn more about the firm’s philosophies and hallmarks, please visit www.russodevelopment.com.
About Fourth Edition Inc.
The Borg Family owned and operated The Record for almost 100 years. In 2016, they sold their publishing assets, which included community newspapers, magazines and websites. The family is now focused on the development of its former Hackensack property and is an active investor of other real estate opportunities.
Media Contact:
Dan Johnson
R&J Strategic Communications
908-895-0785
djohnson@randjsc.com