Bogota housing development sells for $17M

By Carmen Triola
Bogota | Jan 26, 2018 at 10:12 am

Bogota’s 13-acre housing development, “The River Club,” has been sold for $17 million, according to Kathy Anderson, managing partner of Progress Capital, who negotiated the sale on behalf of River Development.

The proposed development sits on the site of the former Hess oil terminal and an adjacent parcel which was the former Sifford Pontiac site.

“The site presented many challenges including ongoing environmental concerns from the former uses and entitlement hurdles that are inherent in a riverfront development.  This project will transform Bogota’s waterfront and create an exciting community,” Anderson said.

The River Club will feature five multifamily buildings, including 421 luxury residential apartments as well as 42 affordable housing units. Construction is slated to begin spring 2018.

Mike Bruno of Giordano, Halleran & Ciesla P.C. was the lead attorney representing River Development throughout the approval and closing process.  Chris Otteau of Otteau Realty Advisors represented the purchaser during the negotiations.

Carmen Triola | ctriola@roi-nj.com | @carmentriola