A rendering of a mixed-use building with 224 apartments at a development site including 89, 93, 95 and 107-109 Anderson St. in Hackensack — Courtesy: NAI James E. Hanson
By Joshua Burd
A construction firm has closed on four adjacent parcels in downtown Hackensack, having secured approvals to build 224 new apartments with ground-floor retail space.
According to NAI James E. Hanson, which brokered the sale, the properties at 89, 93, 95 and 107-109 Anderson St. are in the heart of the city’s redevelopment zone. They include two vacant freestanding buildings of 5,500 and 2,244 square feet, offering proximity to the Anderson Street train station and Hackensack’s central business district.
The properties also sit within a federally designated Opportunity Zone, meaning they could be eligible for favorable tax treatment if the 60,000-square-foot project comes to fruition.
“The sale and proposed redevelopment of this space is just one of many projects happening throughout Hackensack right now,” NAI Hanson Vice President Anthony Cassano said. “Hackensack is in the midst of an exciting renaissance that has already seen over 3,500 modern apartment units built and thousands of square feet of retail space added. Bergen County’s capital is on the rise, and we are pleased to be able to leverage our knowledge and expertise of the northern New Jersey market to help move this project forward and drive continued investment in Hackensack’s revival.”
Cassano represented both parties in the sale, the terms of which were not disclosed. The buyer, Anderson Street Urban Renewal LLC, is an affiliate of McGowan Builders, which has built millions of square feet since its founding in 2001 and has also secured local approval for the four lots to be assembled into one development site.
According to NAI Hanson, plans include 4,000 square feet of ground-floor retail space.
