Real estate investment company BDP Holdings has acquired a development site in Montclair that includes the historic Lackawanna Terminal, it announced Tuesday.
BDP, based in Montclair, said in a news release that it has taken over the 7.6-acre Lackawanna Plaza site, two parcels of land separated by Grove Street. The parcel on the west side includes a nearly vacant, enclosed mall, former supermarket and office building; the parcel on the east side serves as surface parking.
“As a Montclair resident myself, I understand both the historical and current significance of Lackawanna Plaza for the community,” David Placek, managing partner, said in a prepared statement. “BDP is very excited to acquire this extraordinary property, and we look forward to realizing its full potential, which includes bringing a grocery store back to the neighborhood.
“It’s an incredible opportunity for us to bring a fresh vision to the property, while still paying homage to the history of Lackawanna Terminal.”
The deal represents BDP’s third investment in the Montclair area. The terminal, built in 1912, was added to the National Register of Historic Places in 1973.