A rendering of a 21-unit apartment building at 9-11 East Passaic St. in Hackensack — Courtesy: Benchmark Builders & Developers
By Joshua Burd
A joint venture is proceeding with plans for a 21-unit apartment building in Hackensack after recently securing planning board approval for the project.
Benchmark Builders & Developers, a subsidiary of Paramus-based Stamp Holdings LLC, is teaming with Landmark Development Group of Englewood Cliffs in the project at 9-11 East Passaic St. The developers closed on their purchase of the property last month, paving the way for what will be a four-story building with rental homes above ground-level parking.
“We are excited to work with our partners and the city to advance Hackensack’s amazing resurgence and redevelopment,” said Peter Akguc, CEO of Benchmark Builders & Developers. “We are excited to add this project to our portfolio in one of northern New Jersey’s fastest growing suburban areas.”
Located east of Main Street, the parcel sits within a designated census tract under the federal Opportunity Zone program, which provides tax benefits to developers and investors.
“This project being in an Opportunity Zone allows us to contribute to the economic growth and development in an area of the city that needs it,” said Arman Torosian, principal in Landmark Development Group.