CLIFFSIDE PARK, N.J. | 681 Anderson Ave | FT | 13 FOORS


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Multifamily projects gain steam in Bergen County

AUGUST 17, 2014 | BY KATHLEEN LYNN

http://www.cliffsideparknj.gov/images/TowneCenter.jpg

The steel framework is going up at the Towne Center project in Cliffside Park, and developers Fred Daibes and James Demetrakis of Edgewater now expect the project to open around September 2015.

The Towne Center project, on Anderson Avenue in Cliffside Park’s shopping district, will consist of 277 apartments — renting for about $2,000 to $2,500 a month for a one-bedroom — and about 50,000 square feet of retail and office space, as well as a municipal parking lot. Part of the 3.3-acre site was the old Department of Public Works property.

The project was first approved by the town in 2002. Properties were acquired — some by eminent domain — in 2006, but work stalled as the housing market began to sink in 2007. The developers unsuccessfully sought financing from the federal Department of Housing and Urban Development. They got a $75 million bank loan in 2012 and then spent about a year just digging the foundation.

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