JV will create 1,000 luxury multifamily residences and 20,000 square feet  of retail space in townâ€s Riverbend District

 Harrison, NJ, (Nov. 12, 2014) – Advance Realty and DeBartolo Development, LLC, have formed a joint venture partnership to develop six buildings on three blocks within the Riverbend District of Harrison, N.J. The large-scale mixed-use project will serve as the centerpiece in the continued revitalization of the Hudson County town.

The first block to be developed, located at the corner of Cape May Street and Frank E. Rodgers Boulevard, is slated for vertical construction to begin in early 2015. The building will feature 286 luxury multifamily residences, an onsite parking deck and extensive indoor and outdoor amenities. When completed, the project will include 1,000 apartments and 20,000 square feet of premium retail space on the three blocks.

Situated near the Harrison PATH station, which is currently undergoing a $256 million renovation, and the 25,000-seat Red Bull Arena (home to professional soccerâ€s New York Red Bulls), the joint ventureâ€s new buildings will play a vital role in Harrisonâ€s ongoing emergence as a top destination for renters who seek a premium “live-work-play” lifestyle in a modern urban setting.

“This joint venture between Advance and DeBartolo is ready to begin an exciting chapter of urban transformation,” said Edward Kobel, President and Chief Operating Officer of DeBartolo Development.  “The Riverbend of Harrison has the mix of mass transit infrastructure, location, commercial viability and civic support necessary for it to become New Jerseyâ€s next great redevelopment story.”

In order to move the project through the planning and approval process, the developers have worked closely with Harrisonâ€s municipality, including the offices of the late mayor, Raymond McDonough, and the current mayor, James Fife.

“The mayorâ€s office was instrumental in moving the project forward,” said Peter Cocoziello, President and Chief Executive Officer of Advance Realty. “We all recognize Harrisonâ€s incredible potential, and weâ€re delighted to team up with DeBartolo Development in order to bring new luxury apartments and businesses to this great American town.”

CBRE Executive Vice President Gil Medina facilitated the partnership between Advance Realty and DeBartolo Development.

About Advance Realty

Advance Realty is a privately owned real estate development, investment and management company headquartered in Bridgewater, N.J.  Since its inception in 1979, Advance Realty has acquired or developed more than 10 million square feet of commercial, residential, R&D, industrial and mixed-use projects. Today, the company owns, manages and invests in a diversified portfolio of office, retail, industrial, residential and mixed-use assets in key urban and suburban markets along the Northeast Corridor. The company actively pursues real estate investments that provide opportunity to enhance value through development, repositioning and redevelopment.  Advanceâ€s strong capital base, fully integrated platform, outstanding talent and flexibility as a privately held organization position the company for continued growth. For more information, visit www.advancere.com.

About DeBartolo Development

DeBartolo Development, LLC is an established private real estate investment and development company that operates on multiple platforms ranging from real estate investment and ground-up development to management solutions. The DeBartolo name has been an icon in the real estate industry for more than seven decades. Since the organizationâ€s beginnings in 1944 when entrepreneur Edward J. DeBartolo, Sr. pioneered the first shopping mall concept, the familyâ€s legacy has been synonymous with success. In 1996, DeBartolo Realty Corporation merged with Simon Property Group (NYSE: SPG), creating the largest public real estate company in North America with a total market capitalization of $7.5 billion. In 2003, DeBartolo Development was formed by five-time Super Bowl Champion owner of the San Francisco 49ers, Edward J. DeBartolo, Jr. and his brother, Edward M. Kobel, to continue the familyâ€s tradition of excellence in real estate. Today, led by Mr. Kobel and a dynamic management team, DeBartolo Development invests in real estate assets of all sizes and scopes, focusing on opportunistic acquisitions and market-driven, ground-up development of retail, multifamily, hospitality and mixed-use projects throughout the United States.  The DeBartolo team specializes in asset management, development, construction, investment, acquisitions/dispositions, leasing, property analysis, financing, and recapitalization strategies. Since 2003, the company has successfully invested in 155 assets with approximate value of $4.6 billion.  For more information about DeBartolo Development, please visit our Website atwww.debartolodevelopment.com.

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This week’s Top 10 homes spotlight at www.toptenrealestatedeals.com/ includes the home where George and Martha Washington spent part of their honeymoon. It is the oldest home in Prince George County, Virginia and was owned by Washingtonâ€s first bibliographer – the guy who came up with the “I cannot tell a lie” story about Washington cutting down the infamous cherry tree at age six. The estate was on the market at $1.1 million, but is now going to auction on April 18th. Thomas Jefferson also stayed there.
In other home news:
The Miami Beach home that sent Al Capone to jail for tax evasion and was his alibi for the St. Valentineâ€s Day Massacre is for sale. Al purchased the home on Palm Island in 1928 and he was there on February 14, 1929 when seven members of a rival gang were gunned down on Chicago’s Northside. In 1931, IRS used Al’s opulent Florida home as evidence that he was evading taxes and sent him to prison. He was released from prison in 1939 and died at this home in 1947.
Capone’s sprawling mansion sits on .7 acres of prime waterfront with mature tropical landscaping, pool and a two-story pool house built by Capone to house his security guards. Itâ€s one of the oldest homes in the Miami area and was built in 1922, during prohibition, by brewer Clarence Busch of the Anheuser-Busch family. It is undergoing major renovation and is being sold with plans and permits in place for the remaining expansion at a price tag of $9.5 million.
The Buford, Wyoming town (America’s smallest town) that went to auction last week sold in just 11 minutes. Buford is a travel stop on I-80 and consists of a gas station, a modular home, a 1905 school house, a garage, a 1900â€s cabin, and just one resident. The buyer traveled all the way from Vietnam to bid on the town. Though the buyer wants to remain anonymous, he was quoted as saying, “Owning a piece of property in the U.S. has been my dream.” The town sold for $900,000.
Masters Golf Tournament winner Bubba Watson’s home is for sale at $1.49 million. The home is located on High Rock Lake in North Carolina with 3,386sf, 4 bedrooms, 4.5 baths, three kitchens (two indoor and one outdoor), heated salt water pool, hot tub and an outdoor TV. There is also a dock, boathouse, and guest quarters above the 3-car garage.
Real estate is never boring at TopTenRealEstateDeals. Check out today’s most entertaining and unusual real estate news stories of the week at: www.toptenrealestatedeals.com/real-estate-news-headlines/ where you won’t get information about home loan rates or housing starts or stuff like that. Instead, we will bring you news such as a fancy dumpster home, Disney World’s new housing project, and the Florida girl who is only 14 and already a home owner.
We also have Top 50 Condo Developer Deals, the Top 10 upcoming home and condo auctions, and regional real estate agents’ choices for the best deals in their areas.

The post GEORGE AND MARTHA WASHINGTON, AL CAPONE, BUBBA WATSON -Toptenrealestatedeals.com first appeared on River View Observer.