Prominent Developers and Town Officials Team Up to Promote Large-Scale Redevelopment Underway in Harrison, N.J.
Harrison Community Development Association Forms to Promote Transformation of 250 Acres Along Harrison’s Waterfront into Mixed-Use Transit-Oriented Destination
A number of the region’s most prominent residential and commercial real estate developers have banded together to form the Harrison Community Development Association, a coalition whose mission is to work cooperatively with town officials and the local community to promote and drive the transformation of Harrison, N.J., into a dynamic mixed-use, transit-oriented destination.
Master planned to complement the existing character of Harrison, the new developments underway or planned will transform the town’s 250-acre redevelopment area over the next 10 years. The comprehensive redevelopment effort will deliver new residential opportunities and hundreds of thousands of square feet of retail and commercial space, as well as public spaces, and serves as a significant economic catalyst for the community.
The Harrison Community Development Association comprises the Town of Harrison, Advance Realty, BNE Real Estate Group, Heller Industrial Parks, Ironstate Development, The Pegasus Group, Roseland Property Company and Russo Development.
“It is truly unique to see such a high-caliber group of developers come together to support a common goal of driving significant economic growth in one town,” said Harrison Mayor Raymond J. McDonough. “With several projects already underway and numerous others on track to begin in the coming months, we are making marked progress on what has been a 15-year vision to transform Harrison into a premier destination for upscale housing and a wide variety of shopping, dining and entertainment opportunities.”
Harrison’s redevelopment area encompasses 32 percent of the town’s 1.2 square miles and is located along the Passaic River in the southern portion of the town. At its centerpiece sits The Port Authority Trans-Hudson (PATH) rapid transit station. In April, the Port Authority of NY and NJ announced its plan to invest $256 million to completely redevelop and modernize the PATH station, which serves more than 7,000 commuters each weekday.
To date, there has been more than $286 million of public funds expended or committed to the redevelopment effort in Harrison, as well as more than $650 million of private investment expended or committed in the short term. Significant projects that have already been completed include the world-class Red Bull Arena, which opened in March 2010; a 165-room Hampton Inn hotel; the first phase of Ironstate Development and The Pegasus Group’s Harrison Station mixed-use residential and retail development; a new 1,440-space parking structure; a Complete Street road network and a waterfront walkway.
Future planned development consists of commercial and residential projects, a hotel, public open space and community facilities, and additional parking structures. Major projects include:
•Additional phases of Ironstate Development and The Pegasus Group’s Harrison Station, which is located within steps of the PATH and for which the first phase of rental residences is now open and fully leased.
•Heller Urban Renewal’s Harrison Station, a future mixed-use community consisting of 747 one- and two-bedroom luxury residences and approximately 30,000 square feet of ground-floor retail immediately adjacent to the PATH.
•Advance Realty’s Riverbend District, an 80-acre live-work-play project that will feature residential development and more than 500,000 square feet of retail space.
•Roseland Property Company and BNE Real Estate Group’s River Park at Harrison, a multi-phase development featuring a pedestrian village with residential homes, retail shops and commercial space.
•Element by Westin, a $38 million, 136-room hotel that will be owned and constructed by Ironstate and built to “green” development standards.
•Russo Development’s four-story mixed-use development including approximately 10,000 square feet of retail and 326 residential rental units.
The association notes that current and future Harrison residents will benefit from the town’s redevelopment in numerous ways, including a strengthened and diversified tax base, increased employment and new housing opportunities, improved public open spaces, expanded retail and entertainment options, improved traffic patterns and increased value of the housing stock.
Harrison is situated in a sought-after location easily accessed via the New Jersey Turnpike and located within a few miles of Newark Liberty International Airport, the Garden State Parkway, US Routes 1 and 9 and Interstate 78. The redevelopment area is within a mile of Downtown Newark, less than five miles from Jersey City and eight miles from Manhattan.
About the Harrison Community Development AssociationThe Harrison Community Development Association is a coalition of leading commercial and residential real estate development companies and town officials working cooperatively to transform 250 acres of former industrial waterfront in Harrison, N.J., into a vibrant mixed-use transit-oriented community. The association’s membership comprises the Town of Harrison, Advance Realty, BNE Real Estate Group, Heller Industrial Parks, Ironstate Development, The Pegasus Group, Roseland Property Company and Russo Development.
For more information about Harrison’s ongoing transformation, please visit www.facebook.com/HarrisonNewJersey
