Hampshire celebrates groundbreaking of 119K sq.ft. mixed-use facility in Hackensack

389 Main will feature 82 residential units and 3,500 SF of retail

By ROI-NJ Staff
Hackensack | May 10, 2018 at 4:31 pm
The Hampshire Cos.
A rendering of the 389 Main project.

The city of Hackensack celebrated another milestone in its rebirth with the groundbreaking of 389 Main, a five-story, 119,000-square-foot mixed-use project by The Hampshire Cos. that will bring 82 residential units and 3,500 square feet of retail space to the city in the fall of 2019.

Designed by project architect Minervini Vandermark, 389 Main lies a third of a mile from the Anderson Street New Jersey Transit station with direct service to New York City via the Pascack Valley Line.

The building will feature eight studios, 48 one-bedroom and 26 two-bedroom high-end market-rate apartments. The building will feature a gym, multiple indoor lounge areas, public outdoor terrace, private storage lockers, private balconies for select units, secure on-site parking and bicycle storage.

The project is an integral piece of Hackensack’s Rehabilitation Plan, a long-term redevelopment plan developed by city officials, local business leaders and real estate professionals to attract smart, long-term growth to the city.

The plan designated a 163-acre area of the city that encompassed 389 properties in need of rehabilitation as a redevelopment zone to attract real estate investments to the city across the retail, residential, office and mixed-use sectors. Within the next five years, hundreds of millions of dollars in investment activity are expected to bring over 2,000 new housing units and thousands of square feet of new retail and hospitality space to the city, city officials said.

Hackensack Mayor John Labrosse said the groundbreaking is another step in the right direction for Hackensack.

“It’s a great day for a groundbreaking and it’s a great day for Hackensack,” he said. “As you walk the streets of our city, you can’t help but feel a little different with all of the different redevelopment projects going on. There’s a great feeling of anticipation of going on. Projects like this are coming to Hackensack because people are excited about what’s going on.”

Hampshire is completing the project with its joint venture partners, Claremont Cos. and NAI James E. Hanson, and its construction lender, Provident Bank.

Hampshire CEO and President Jimmy Hanson gave credit to Hackensack’s municipal leaders, including Labrosse, Deputy Mayor Kathy Canestrino, Director of Redevelopment Albert Dib and Councilwoman Stephanie Von Rudenborg.

“We have long recognized that a municipal resurgence is only possible if the city’s leadership commits to a long-term and carefully planned out vision,” Hanson said.

“There is perhaps no city in New Jersey that has executed this vision more effectively than Hackensack behind the leadership of Mayor Labrosse’s team. Together with Claremont Cos., we look forward to working with his administration to continue our long history of successful investments in Hackensack and help bring about a resurgence of the city.”

For William C. Hanson, president of NAI Hanson, the project has special meaning.

“As a company that has been based in downtown Hackensack for over 60 years, we are deeply honored to work with The Hampshire Cos. and Claremont Cos. to bring this meaningful and exciting project to life and contribute to the ongoing resurgence of Hackensack,” he said.

ROI-NJ Staff | editorial@roi-nj.com | @ROINJNews