The redevelopment of a site at the entrance to the George Washington Bridge began with a groundbreaking for luxury apartment tower The Modern last week.
Two 47-story glass towers will rise in the center of the Fort Lee, N.J. site being developed by SJP Residential Properties in partnership with Prudential Real Estate Investors and Northwestern Mutual Life Insurance Company.
Bergen County attorney James Demetrakis and investment firm Palisades Financial are also partners on the project.
The Modern’s glass towers will each contain 450 luxury studios, one-, two-, and three-bedroom rentals. The two towers will rise between a one and three-quarter-acre landscaped public park that will host a 7,000 s/f restaurant with indoor and open-air dining, as well as a refreshment kiosk. SJP will also develop a 13,000 s/f building to be donated to the Borough of Fort Lee, which will house a large public theater and a public museum.
The Modern’s residences will be available for occupancy beginning in 2014. Construction financing for the development is being provided by PNC Bank and Wells Fargo.
The Modern’s towers will be located at 100 and 800 Park Avenue (formerly known as Martha Washington Way), immediately south of the entrance to the George Washington Bridge, and will each feature 70,000 s/f of amenities that will include a spa, screening room, golf simulation area, and a “tween” room with a Nintendo Wii station.
The Modern is part of a larger mixed-use redevelopment of a 16-acre site that will contain 165,000 s/f of retail in an adjoining development parcel.
