The Marcal Property along Market Street in Elmwood Park, a fixture in the community for nearly a century, will soon be transformed.
The 11.87-acre property along Market Street was acquired from Marcal and a site plan has been approved by the borough, according to a Monday announcement from Crow Holdings Development, which plans to break ground this summer.
The Marcal property is home to an iconic business that has created careers for thousands for many years. In 2019, a fire devastated a part of the site, and this redevelopment is expected to benefit the area in significant ways.
The redevelopment project is expected to generate a significant economic stimulus to the local and state economies. The impacts of the redevelopment project in the construction phase include a $34 million impact for Bergen County and $38 million economic impact for the state of New Jersey, along with 140 direct temporary jobs.
Ongoing operations of the facility following construction are expected to produce an estimated $28 million annually in economic impact in New Jersey and support 240 full-time equivalent jobs, and approximately $630,000 in new property taxes to the borough of Elmwood Park, Elmwood Park School District and Bergen County.
Crow Holdings worked together with the borough on the proposed project and incorporated significant design input for a proposed 206,000-square-foot, state-of-the-art industrial building.
An affiliate of Atlas Holdings, the majority shareholder of Marcal, will also be investing in the project, alongside Crow Holdings Development. The investment demonstrates Atlas’ continued commitment to the region and enthusiasm for the planned revitalization of this iconic location.
“Marcal is thrilled that Crow Holdings Development will be transforming this parcel of land into a new gem for our borough, our county and our state. The property to be revitalized sits vacant today, and thus is not benefitting Elmwood Park or Bergen County in any way. Via this partnership with the borough and Crow Holdings Development, we have taken the necessary step to change that,” Rob Baron, CEO and president of Marcal Paper, said.
“Crow Holdings Development is rooted in the spirit of partnership, and we have been proud to work closely with Marcal, the community, and so many stakeholders to help redevelop this iconic site,” Clark Machemer, Crow Holdings Development’s senior managing director for the Northeast Region, said. “We recognize and appreciate the history of this site, and we look forward to bringing new economic activity to such a highly visible, prime location.”
“The planned development for the unused Marcal parcel should be a win across the board. The greater Elmwood Park community could see economic growth, the protection of existing jobs, and the creation of new jobs,” U.S. Rep. Bill Pascrell Jr. (D-9th Dist.) said. “We were all shaken by the tragic fire at Marcal and the fact that the company has been able to reopen at all is so welcomed. I am pleased to have engaged closely with the borough, Marcal and our neighbors and workers to make sure that we delivered another positive result for our entire community.”
Crow Holdings Development has tapped Rob Kossar, David Knee, Chris Hile, Ignatius Armenia, and Ryan Milanaik of Jones Lang LaSalle to lease the space.
