The first phase of one of the most anticipated and largest residential redevelopment projects in New Jersey — the Print House in Hackensack — is now open for leasing along Hackensack’s historic waterfront.
Located at 160 River St., the Print House’s name pays homage to its location at the 20-acre site previously home to the iconic New Jersey journalism staple, the (Bergen) Record.
The project features 271 market-rate, luxury rental units including a mix of studio (12%), one-bedroom (51%), and two-bedroom (37%) units done in partnership with Russo Development, the Hampshire Cos. and Fourth Edition Inc.
A 10-year, $60 million loan for the first residential phase of the multiphase development along the Hackensack River was arranged by G.S. Wilcox & Co. President Gretchen Wilcox and Principals David Fryer and Al Raymond.
“These luxury apartments are a great addition to Hackensack, and we are thrilled to be able to assist our clients in financing their vision for Hackensack’s urban renewal,” Wilcox said in a prepared statement.
In addition to Print House’s residential offerings, the redevelopment includes 40,000 square feet of retail space, which NAI James E. Hanson is marketing, that addresses the needs of the Print House’s residents as well as the broader community as Hackensack’s downtown residential population grows. Russo and NAI Hanson have already secured two long-term leases, from Hackensack Meridian Health and Blue Foundry Bank.
“Both the retail and design elements of Print House are consistent with what our residents expect. They have high expectations for a unique, convenient and more responsive community living experience. A project of this size and scope allowed us to be especially creative with the opportunity to incorporate the waterfront and streetscape on this expansive site,” explained Michael Pembroke, chief operating officer of Russo Development. “In just a few years, we’ve delivered on what we believe to be a truly unique offering adding to the vision imagined by the city to revitalize the downtown which enhances all that Hackensack has to offer with its significant medical and educational infrastructure along with being the county seat.”
The development is in an Opportunity Zone, a program designed to jumpstart economic development launched by the federal government in 2017. The Hampshire Cos. has a long history in Hackensack, extending back nearly 100 years, and remains dedicated to revitalizing the city. Two additional Print House buildings plus amenities have been approved on the site.
“It has been an incredible opportunity to work with our partners, Russo and Fourth Edition, on this project,” said James E. Hanson II, CEO and president of the Hampshire Cos. “We came together with a vision for Hackensack that not only will provide luxury living lifestyles to its residents, but also opportunities for retail and commerce at Print House that will benefit all those living and working in the city.”
Fourth Edition Inc., run by the Borg family, who owned and operated the the Record and other media assets under North Jersey Media Group Inc. before their sale in 2016, has been an integral partner in the development of the Print House.
“The property has been in our family for generations, and we are glad to continue to have a presence in Hackensack,” said Stephen Borg, president of Fourth Edition. “The transformation of what was once a approximately 20-acre dormant industrial lot into a vibrant community, is the perfect example of how we envision the future of Hackensack.”