Real Estate Weekly
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Massive new apartment development coming to Hudson River waterfront

New York developer The Maxal Group, and its partner Envirofinance Group, is set to build 1,200 new apartments on 19 acres of the Hudson River waterfront in Edgewater, NJ.

The local planning board just approved their plans for transform the old Hess Oil Company site at 615 River Road.

The new development will be one the largest mixed-use projects on the Jersey Gold Coast.

The 1.2 million square foot project will be built in three, 25-story towers that will offer residents breathtaking views of the Manhattan skyline.  The project will also include 20,000 s/f of commercial space, a two-acre public park, a waterfront walkway connected to the existing river walk in the borough, and ferry service to New York.

To relieve traffic on River Road, the developers propose to construct, bus “super stops” that will create loading lanes for both north and south bound buses along River Road.

Among the 1,200, one-two- and three-bedroom apartments will be 180 affordable housing units which will provide 30 percent of the borough’s state-mandated affordable housing obligation of 624 units.

A five-acre parcel on the western side of the property that straddles River Road is being set aside as the possible site for construction of a new school.

“We want to thank the Planning Board for granting us the approvals that we have long sought. We look forward to bringing a sophisticated, quality complex to Edgewater,” said Bruce Sturman, a managing dDirector of the Maxal Group.

Sturman said with the planning board approvals in hand his firm can begin applying for building permits as soon as possible.

Thomas O’Gara a managing director at Maxal said: “The 615 River Road project will be done with the same extraordinary attention to detail that can be found at our recent luxury residential project that we developed with Hartz Mountain Industries at 1500 Harbor Boulevard in Weehawken.”

The River Road project is designed to create the maximum amount of open space to provide visual corridors to the Hudson River and New York City Skyline.

The design of the three towers at 615 River Road is being done by the architectural firm FXCollaborative of New York.

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