A rendering of Paramus Crossroads, located at 289-315 Route 17 South in Paramus — Courtesy: Advance Realty
By Joshua Burd
Local officials have cleared the way for Advance Realty and Invesco Real Estate to demolish an aging office building in Paramus, allowing the firms to develop a new 40,000-square-foot retail and dining complex in its place.
The joint venture said Monday that it has received approval from borough officials to redevelop the site into a space known as Paramus Crossroads. Located at 289-315 Route 17 South, the antiquated building will come down starting this summer and is slated to be reborn as a retail center a year later.
Spaces will range from 1,500 square feet to 20,000 square feet, Advance Realty said in a news release. The new property will complement the site’s two existing buildings, which are occupied by PGA Tour Superstore and P.C. Richard & Son, respectively, and include a mix of dining options and specialty retailers not currently found in the immediate area.
The property sits at the highly trafficked intersection of Route 17 and the Garden State Parkway and within one of the most prominent shopping destinations in the United States, the home of 120,000 residents within a three-mile radius and the Westfield Garden State Plaza.
“Since acquiring 289-315 Route 17 South, which is situated in one of the most desirable retail corridors in the United States, Advance and Invesco Real Estate have had a shared vision for how we could enhance the shopping experience,” said Peter J. Cocoziello, Advance Realty’s founder and CEO. “We’re extremely excited to receive the approvals from the Borough of Paramus, and we look forward to bringing exciting new shopping and dining options to an area.”
Advance, which is based in Bridgewater, and Invesco Real Estate have tapped Jamie Sackeim and Vicki Ezra of The Dartmouth Co. to serve as exclusive leasing agents for Paramus Crossroads. They will market a property with outdoor restaurant seating, landscaping and architecture with facades and signage visible from both sides of Route 17 and the Garden State Parkway.
The development will feature direct right-in and right-out access on Route 17 South, plus accessibility from Route 17 North via a turn-around at Midland Avenue.
“Paramus Crossroads’ prime location, in the heart of one of the most prominent shopping destinations in the country, offers tenants excellent visibility along a thoroughfare that’s utilized daily by residents, commuters, and shoppers alike, given the borough’s prime access to four major malls and several major arteries to New York City,” Sackeim said. “Tenants also benefit from the fact that nearly a million people live in Bergen County, which boasts one of the highest average household income levels in the United States at $112,745 — good for 16th in the entire nation.”
