Advance Realty’s Riverbend District Receives PlanSmart NJ’s Resource Efficiency Achievement Award For Role in Harrison Waterfront Redevelopment
Advance Realty Project Recognized for Contributions to Harrison’s Ongoing Revitalization
As a result of the company’s significant contributions to the redevelopment of Harrison, N.J., through the creation of the Riverbend District, Advance Realty, a leading Northeast owner and developer of Class A office, mixed-use and flex-space properties, was recently awarded PlanSmart NJ’s 2010 Resource Efficiency Achievement Award.
Recognizing the residents, companies and organizations that have been instrumental in the redevelopment of Harrison, N.J., the award was given to Advance Realty during PlanSmart NJ’s 42nd Annual Dinner, held on Oct. 27 at the Hyatt Regency in New Brunswick, N.J. Recipients of the Resource Efficiency Achievement Award demonstrate outstanding leadership in promoting reduction in the costs of government, the costs of living and of conducting business in New Jersey.
PlanSmart NJ is a statewide civic action group committed to improving the quality of community life through the advancement of responsible land use planning and regional cooperation. The organization chose to honor Advance Realty’s development, The Riverbend District, one of the largest Brownfield mixed-use, redevelopment transit districts underway in New Jersey, for its role in The Harrison Waterfront Redevelopment Project, the town’s revitalization plan that capitalizes on its transit-friendly PATH station and the long-neglected Passaic River waterfront.
“Advance Realty is honored to receive the Resource Efficiency Award from PlanSmart NJ,” stated Peter Cocoziello, CEO of Advance Realty. “The Harrison Waterfront Redevelopment Project aims to enhance economic development and improve quality of life for all Harrison residents, and the Riverbend District will go a long way toward helping the town reach that goal.”
The Harrison Waterfront Redevelopment Project calls for the transformation of 275 acres of obsolete industrial facilities — 35 percent of the entire town — into a new transit-oriented, pedestrian-friendly, mixed-used development with riverfront access. The plan provides a 20-year framework to remake the area with up to 10,000 new homes in a range of sizes and prices, 3.4 million square feet of office space, more than one million square feet of retail space, an entertainment complex featuring the Red Bull Soccer Arena, as well as street-level retail, and a waterfront gateway park.
At an 80-acre, former manufacturing and industrial site, located south of the Harrison PATH station, Advance Realty is currently working on infrastructure to extend the street grid and create at least eight new city blocks, to provide the foundation for a new neighborhood — the Riverbend District – which surrounds the recently built Red Bull Soccer Arena. Once complete, the Riverbend District’s live-work-play environment will feature more than 800,000 square feet of retail space, including an anchor grocery and retailers; a 16-screen cinema and notable restaurants; a 175-room hotel and a 350-room, full-service hotel with 25,000 square feet of conference space; a wellness center; corporate and boutique office space; and approximately 2,000 for sale and rental residential units.
As a transit-oriented community, the Riverbend District is within close proximity to multiple modes of mass transit, including N.J. Transit, Amtrak and a centrally located, onsite PATH station that will benefit from a $180 million renovation program to improve service, allowing easy access to Newark Penn Station. The district is also only 15 minutes by train to Manhattan, is highly accessible by all major roadways in Northern New Jersey, and is just minutes from Newark Liberty International Airport via rail service or car.
Environmental remediation for the project’s first phase, consisting of approximately 26 acres, has been completed, and all the roadwork and infrastructure for the site is in place. Building construction will begin in spring 2011.
About Advance Realty
Headquartered in Bedminster, N.J., Advance Realty is an owner and developer of office, flex, industrial, retail and multifamily properties. With 4.5 million square feet of operating properties and a development portfolio consisting of 6 million square feet of commercial projects and 6,500 residential units, Advance is one of the leading real estate owners in the Northeast. For more information, call Advance Realty at (908) 719-3000 or visit www.advancerealtyinterests.com.