A nearly three-acre development site at 123 Anderson St., spans 2.759 acres and is currently home to three buildings housing a range of retailers, a church and parking for nearly 170 vehicles. — Courtesy: Alexander Anderson Real Estate Group
By Joshua Burd
Hornrock Properties has acquired a development site in Hackensack with plans to build some 350 apartments and retail space, in a deal arranged by Alexander Anderson Real Estate Group.
Located at 123 Anderson St., the parcel spans 2.759 acres and is currently home to three buildings housing a range of retailers, a church and parking for nearly 170 vehicles, according to a news release. Hornrock paid $10.5 million for the property, which is across from NJ Transit’s Anderson Street train station and part of the city’s burgeoning downtown.
The project would mark the developer’s second in and around the central business district.
“The property’s prime location in the heart of Hackensack, coupled with Hornrock Properties’ past success in developing the successful 389-unit mixed-use ‘Ivy & Green’ development on Park Avenue in Hackensack, underscores our commitment to revitalizing downtown,” said Eric Anderson, CEO of Alexander Anderson. “This project promises enormous potential for residents, visitors, merchants and real estate stakeholders alike.”
Anderson represented both Hornrock and the seller, which was undisclosed, noting that the site has frontage on Passaic Street, Linden Street and Anderson Street. According to NorthJersey.com, the city council recently amended a redevelopment plan for the site, although additional details about the entitlement process were not immediately clear.
“This property sale shows the determination that is required to be a real estate broker, especially when representing sellers of redevelopment sites,” Anderson said. “After another developer couldn’t perform on the project, Hornrock stepped up and made it happen. We always look for backups buyers to be prepared for these circumstances.”
Anderson, who also serves as an executive board member of the Main Street Business Alliance, said Hackensack is increasingly drawing young professionals seeking both cultural vibrancy and convenient commuting options to New York City and other points.
“I’m thrilled about the diverse influx of professionals to Hackensack,” he said. “The new Hornrock development at 123 Anderson Street will attract young, urbanites seeking vibrant culture, convenient commutes and a sense of community.”
