By Kelly Stratton, Contributing Writer
NEW JERSEY—Residential and commercial real estate developers in Harrison have joined forces to create the Harrison Community Development Association, a coalition whose mission is to work cooperatively with town officials and the local community to promote and drive the transformation of the city into a dynamic mixed-use, transit-oriented destination.
The Harrison Community Development Association comprises the Town of Harrison, Advance Realty, BNE Real Estate Group, Heller Industrial Parks, Ironstate Development, The Pegasus Group, Roseland Property Company and Russo Development.
Master planned to complement the existing character of Harrison, the new developments underway or planned will transform the town’s 250-acre redevelopment area over the next 10 years. The comprehensive redevelopment effort will deliver new residential opportunities and hundreds of thousands of sq. ft. of retail and commercial space, as well as public spaces.
Harrison’s redevelopment area encompasses 32 percent of the town’s 1.2 sq. miles and is located along the Passaic River. At its centerpiece sits The Port Authority Trans-Hudson (PATH) rapid transit station. In April, the Port Authority of NY and NJ announced its plan to invest $256 million to completely redevelop and modernize the PATH station, which serves more than 7,000 commuters each weekday.
Significant projects that have already been completed include the Red Bull Arena, which opened in March 2010; a 165-room Hampton Inn hotel; the first phase of Ironstate Development and The Pegasus Group’s Harrison Station mixed-use residential and retail development; a new 1,440-space parking structure; a Complete Street road network and a waterfront walkway.
Future planned development includes commercial and residential projects, a hotel, public open space and community facilities and additional parking structures.
Major projects include additional phases of Harrison Station; Heller Urban Renewal’s Harrison Station, a mixed-used community; Advance Realty’s Riverbend District; Roseland Property Company and BNE Real Estate Group’s River Park at Harrison; Element by Westin, a $38 million hotel; and Russo Development’s mixed-used development.
To date, there have been more than $286 million of public funds expended or committed to the redevelopment effort in Harrison, as well as more than $650 million of private investment expended or committed in the short term.