Village of Ridgefield Park – SkyMark Development Project
A $1 billion town center planned for Ridgefield Park could break ground by spring 2018. The project, which has been designed as a large, multi-use, phased development encompassing more than 53 acres of retail and residential, includes a town center, a luxury high-rise and a hotel/conference center, as well as a 10-acre bald eagle habitat. The SkyMark Development Project, which has been moving forward since 2000, sits at the crossroads of the New Jersey Turnpike, Routes 46 and 80 and Overpeck Creek. It will consist of more than 1,500 residential units and 212,000+ square feet of retail space, and will be the largest mixed-use development in Bergen County in 30 years. Construction on the first phase of the development, in what is expected to be a multi-phase construction process, is expected to start in late spring.
McManimon, Scotland & Baumann, LLC recently devised a series of real estate closings and related financing to effectuate SkyMark’s acquisition of a 17-acre parcel of land, which completes SkyMark’s parcel assemblage of the six parcels located in Ridgefield Park, scheduled for redevelopment and approved as the location for the project. These closings and financing build upon the firm’s efforts to obtain certain redevelopment and land use approvals, including a redevelopment agreement and financial agreement (a.k.a. PILOT) with the Village of Ridgefield Park, a 20-year General Development Plan approval, and site plan and related approvals for the major roadway system for the project, including exit/entrance ramps to the New Jersey Turnpike, Route 80, Route 46 and a bridge over Route 46.
For more information on this project, please contact Joseph P. Baumann, Jr., Member, at (973) 622-1800.