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Slated for completion in mid-2024, The Depo in Haskell would be a cross-docked facility with 40- foot clear ceiling heights, 82 loading docks and parking for 144 cars and 37 trailers.
“With all the work that has gone
into it with our team, that definitely contributed to the idea that this
is really a viable site and it does
make sense because of such a lack
of opportunity in this immediate marketplace,” DePaolera said. With an estimated completion date of mid- 2024, its plans call for a cross-docked facility with 40-foot clear ceiling heights, 82 loading docks and parking for 144 cars and 37 trailers.
The site is around 10 miles north of Route 46 and the nearby Fairfield submarket, a well-known hub for flex and warehouse users, but one that’s marked by smaller and midsized buildings. That has enhanced the appeal for prospective tenants in Haskell, some of which were initially skeptical but reconsidered when
D4 launched a formal marketing campaign, allowing them to “see that you’re 10 seconds away from an interstate highway.”
The developer has also grappled with a terrain that is atypical and less than ideal for a warehouse, but has
managed to embrace it in its design. With a team that also includes KSS Architects, Stonefield Engineering, Michael Fitzpatrick & Sons and DMC Associates, the project calls for a series of dramatic tiers that DePaolera said “(uses) the unique topography
to make artistic interest, while at the same time providing a functional Class A warehouse.”
Aside from the remaining county and state approvals, D4 plans to seek a payment in lieu of taxes agreement for the site, DePaolera said, adding that he believes the family’s local roots and its approach with the community to date have put the project on solid footing.
“We’re very familiar with the area
and that, I think, has been well- received by the town,” he said. “I think they appreciate the idea that we’re cognizant of neighboring residents and they respect the fact that we listen and try to implement as many concerns that are reasonable as we possibly can to provide a design and development that is well-received.” RE
pandemic subsided. That made them comfortable with taking on the project themselves and embarking on as much as two years of due diligence and entitlements.
“Once we felt comfortable with those aspects, we said let’s roll the dice,” he said.
As a broker, DePaolera had the benefit of picking the brains of developers and getting their perspective on the site. And he could do so without necessarily competing against them, given its location and other unknowns at the time.
That left D4 in a position to proceed, which would require solving for access to the site, navigating a challenging topography, determining the project size and selling the plan to borough officials and residents.
It has largely addressed those needs in the two years since, although
it still requires county and state entitlements. The firm was slated
to appear before Passaic County
in June, while also engaging in a review with the state Department of Environmental Protection that could take an estimated four to six months.
COUNT ON OUR CAPITAL. BUILD YOUR BUSINESS.
Walter Sierotko, EVP 732.726.5420
TOTAL TEAM
LENDING
COMMITMENT YOU CAN COUNT ON.SM
RECENTLY FINANCED
$18,000,000
INDUSTRIAL CONSTRUCTION LOAN
$16,500,000
OFFICE BRIDGE LOAN
$8,900,000
OFFICE/RETAIL CONSTRUCTION PERMANENT LOAN
PISCATAWAY, NJ
RED BANK, NJ
SUMMIT, NJ
www.Provident.Bank
Courtesy: D4 Properties