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Ongoing Demolition Work Paves Way for New Mixed-Use Redevelopment Community in Harrison, NJ

Harrison, NJ (PRWEB) November 17, 2007 -- A 140-foot-high water tower came crashing recently to dramatize the ongoing demolition work at the site of Harrison Commons (http://www.appliedco.com), the New Urbanist master-planned community that will rise in the Hudson County, NJ town of Harrison.

Mayor Raymond J. McDonough and County Executive Tom DeGise joined members of the Town Council and representatives of Harrison's municipal, business and civic communities to witness the event. Ultimately, dozens of former industrial, manufacturing and enclosed parking structures will be razed to make way for a mixed-use community (http://www.appliedco.com/aboutUs/pipeline/harrison.shtml) of 3,000 residences and 90,000 square feet of retail space set in a pedestrian-friendly atmosphere defined by vibrant streetscapes, waterfront parks, an improved street network, and architecturally distinctive buildings.

"This is a perfect example of a smart growth initiative that is replacing underutilized properties with a new use that, following an extensive clean-up and remediation process, will provide quality housing, much-needed retail business and a vibrant pedestrian-friendly downtown center," noted Richard Miller, a principal of The Pegasus Group, which is developing the site in joint venture with Applied Development Company (http://www.appliedco.com/aboutUs) and Canyon Johnson Urban Fund as part of a redevelopment designation by the Harrison Redevelopment Agency.

"Harrison Commons will breathe new life and vitality into the area with an active street front occupied by residential and retail uses and parking which is accessible but hidden from the streets."

Harrison Mayor Raymond J. McDonough echoed those sentiments.

"Today we recognize the start of a significant public/private partnership," said Mayor McDonough. "The developers promised major investments in Harrison in terms of time and money, and today they are delivering on that promise."

Designed by world-renowned planners Torti Gallas and Partners CHK and Minno & Wasko Architects, the highly anticipated community is being built in five phases on a 27-acre site well located between the Harrison PATH Station and the Passaic River. Included in the initial phase are two four- and seven-story residential buildings with 477 luxury rental apartments (http://www.appliedco.com/properties/rentals) located over 35,000 square feet of small shops and cafes and a five-story parking garage. Phase two development will feature a four-story building with 250 residential units over 15,000 square feet of retail space. The balance will be spread over three future phases.

Harrison Commons will feature a mix of building heights, from four-to-15 stories - mostly residential over street-level retail. As part of the development plan, Middlesex Street and Frank E. Rodgers Blvd. - two primary thoroughfares - will be redesigned with wider streets and new landscaped islands, while Middlesex Street will be extended to the river to create public access to the waterfront. The Town is also planning to create a Riverfront Park, and discussions are underway to significantly improve the Harrison PATH Station.

The overall architectural theme is a modern take on the late-19th century style found in Hoboken, Jersey City and Newark. The stunning residences will feature well-conceived living areas complemented by designer finishes and appointments. Residents will also enjoy professional concierge services, attended lobbies, a state-of-the-art fitness center and plenty of social interaction in pleasant outdoor environments.

"This will be one of the most exciting projects ever built in this area," stated David Barry (http://www.appliedco.com), President of Applied Development Company. "It will have state-wide, if not national significance."

About the Development Team:

Founded in 1997 and based in Hoboken, The Pegasus Group is an owner and developer of multi-tenant real estate properties. The company maintains the philosophy and operating style rooted firmly in adaptive reuse and urban revitalization. The company's principals possess more than 60 years of industry experience. www.thepegasusgroup.com

Applied Development Company has a 35-year history of focusing on the redevelopment and revitalization of New Jersey's urban centers. Applied and its principals have developed thousands of residential units and hundreds of thousands of square feet of commercial space throughout New Jersey; the company continues to own and manage the overwhelming majority of this portfolio. Applied is currently engaged in the active development of over $1 billion of residential and commercial real estate. www.appliedco.com

The Canyon Johnson Urban Fund ("CJUF") is the country's largest private real estate fund focused solely on the development of urban properties in underserved neighborhoods. A joint venture between Canyon Capital Realty Advisors and Earvin "Magic" Johnson, CJUF was formed to identify, enhance and capture value through the development and redevelopment of real estate in densely populated, ethnically diverse urban communities. CJUF's objectives are to seek current income and capital appreciation, and in addition to meeting their investment goals, CJUF is committed to providing for and fostering economic opportunities for the residents of the urban neighborhoods in which they invest. With nearly $1 billion in committed equity capital, CJUF is positioned to facilitate over $4 billion in development and revitalization in major U.S. metropolitan areas. www.cjuf.com

###

Contact:

George M. Cahn

President

Cahn Communications

201-876-3100

gcahn@cahncomm.com

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