Real Estate Weekly
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Construction & Design

Advance JV gets Paramus retail okay

The partnership of Advance Realty and Invesco Real Estate has received approval from the Borough of Paramus to move forward with its plan to redevelop a portion of Bergen County’s Route 17 retail corridor with the creation of a shopping and dining destination known as Paramus Crossroads.

Advance will demolish an office building at 289-315 Route 17 South, making way for the development of a new 40,000 s/f, modern retail facility featuring spaces ranging from 1,500 to as large as 20,000 s/f. The new building will complement the site’s two existing buildings — occupied by PGA Tour Superstore and P.C. Richard & Son, respectively — to create a retail environment conducive to the modern shopper.

The partnership will fill the new building with a mix of dining options and specialty retailers not currently found in the immediate area. Restaurants will be able to take advantage of outdoor seating, creating an enjoyable and inviting atmosphere for diners. “Since acquiring 289-315 Route 17 South, Advance and Invesco Real Estate have had a shared vision for how we could enhance the shopping experience,” said Peter J. Cocoziello, Advance Realty’s founder. “We’re extremely excited to receive the approvals from the Borough of Paramus.”

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