The former site of The Record newspaper, once housed at 150 River St. in Hackensack, is the latest addition to Russo Development‘s residential portfolio, it announced Friday.
The partnership between Russo, The Hampshire Cos. and Fourth Edition Inc. will redevelop the 19.78-acre site into 650 apartments and 18,000 square feet of retail.
The property, which is Russo’s first Opportunity Zone investment, was integrated into the city’s redevelopment plan in 2012.
“Taking a long-term approach to an asset that has been in our family for generations, was the right move, and we wanted to have a role in shaping its future use,” Stephen Borg, president of Fourth Edition, said. “Jon Hanson helped us partner with Ed Russo, who impressed us with his track record and long-term approach. We were very comforted that, like we do, Ed and Jon have deep roots in Hackensack.”
The property is within close access to Route 4 and Interstate 80.
“It’s thrilling to work with our partners and city leadership to shepherd in the next phase of Hackensack’s incredible redevelopment story,” Edward Russo, CEO of Russo Development, said. “As a designated redevelopment zone within an Opportunity Zone, The Record site is a perfect storm for creating economic growth and development in an area of the state which needs both.”
Hackensack is one of 75 New Jersey municipalities designated as an Opportunity Zone as part of the federal Tax Cuts and Jobs Act of 2017. The OZ program is designed to spur economic growth by providing tax benefits for real estate investments taking place in qualified OZ zones.
Construction is slated to begin this summer, with the first phase including 272 apartments. Amenities will include a pool, courtyard, fitness center, rooftop deck, work-from-home center and private spaces for events.
“Extending back almost 100 years, Hampshire’s roots have always been firmly planted in Hackensack,” James E. Hanson II, CEO and president of The Hampshire Cos., said. “We are proud to invest in the next chapter of Hackensack’s vibrant history as we look to create a transformative project that will support the continued success of the City’s resurgence.”
Hampshire’s partnership in 150 River St. marks its second investment in Hackensack and third OZ investment, it said.
