Fort Lee Redevelopment Associates, a partnership of leading real estate developer SJP Residential Properties, noted Bergen County attorney James Demetrakis and real estate investment firm Palisades Financial, has broken ground on the first phase of a $500m redevelopment project called The Modern in Fort Lee, New Jersey, US.
Designed by architect Howard Elkus, The Modern will feature 900 rental apartments in two 47-storey glass towers on an eight acre site located at 100 and 800 Park Avenue, which was formerly known as Martha Washington Way.
Apartments will feature a mix of studios and one, two and three-bedroom residences that offer views of the Hudson River, the New York City skyline, George Washington Bridge and the nearby landscape.
The two towers will rise between a 1.75-acre landscaped public park with water features, walking paths similar to Central Park in New York City, a 7,000ft² restaurant and a refreshment kiosk.
The towers will feature 70,000ft² of indoor and outdoor resort-style amenities including a fitness centre, a separate yoga and Pilates studio, a spa with a community sauna and a lounge area.
Indoor amenities include a screening room and a golf simulation area, while the outdoor amenities in each tower include a pool surrounded by chaise lounges, volleyball and basketball courts, a rolling lawn area, and individual and community barbecue stations
The project will have separate indoor and outdoor children’s play areas and a large indoor parking garage.
Plans also include a 13,000ft² building for the Borough of Fort Lee, which will house a large public theatre and a public museum.
The project is part of a larger mixed-use redevelopment of a 16-acre site near the George Washington Bridge that will feature 165,000ft² of retail in an adjoining development parcel.
Tenants are expected to move into the first residential tower by late 2014 and the second tower is anticipated to be completed in 2015 or 2016.