Saturday, April 28, 2012

Approval for $1B Development of ‘The Modern’

Fort Lee Redevelopment Associates, in partnership with real estate developer SJP Residential Properties, has secured approval to develop The Modern, an extraordinary, residential development highlighted by two 47-story, iconic towers that will rise in the center of Fort Lee, New Jersey. The development will offer majestic views and exceptional amenities, features and services, and transform Fort Lee into a premier destination for luxury living.

Each of The Modern’s two 47-story, all glass towers will contain 451 luxury rental apartments featuring a mix of studios, one-, two-, and three-bedroom residences that offer spectacular views of the Hudson River, New York City skyline, George Washington Bridge and the surrounding landscape. Construction is expected to commence later this summer.

The towers, situated on a nearly eight-acre site, are to be located at 100 and 800 Park Avenue (formerly known as Martha Washington Way), immediately south of the entrance to the George Washington Bridge.

Total price tage for the project is expected to reach nearly $1 billion.

The Modern will feature an unprecedented 70,000 square feet of indoor and outdoor resort-style amenities in each tower for the enjoyment of its residents. The amenities areas will feature a spacious, state-of-the-art fitness centers and separate yoga and Pilates studios. A Spa in each tower will include a community sauna and offer massage services. Residents will be able to relax in the designer lounge areas which will offer breakfast and also be available for catered events. Additional indoor amenities include a spacious screening room, a sophisticated golf simulation program, and a “tween” room with a Nintendo Wii station. An Internet lounge with available snacks is also planned for each tower where residents can hook up their laptop computers to available WiFi and printers.

Outdoor amenities on the fifth level of each tower include a spectacular infinity pool surrounded by chaise lounges. Volleyball and basketball courts are available for games with friends or fellow residents. Expansive rolling lawn areas will feature outdoor movies during summer evenings. Individual and community barbecue stations will offer an opportunity for residents to enjoy a taste of outdoor cooking any time of the day. The Modern will have covered dog walking areas and pet spas. Separate indoor and outdoor children’s play areas will be created for the community’s youngest residents. A large indoor parking garage will be conveniently located adjoining each tower.

The Modern’s grand, two-story lobbies will feature 24/7 concierge and doorman service as well as package and dry cleaning reception and refrigerated storage availability. The buildings will offer free WiFi access in all community areas. Each tower will be wired for clear cellular phone service throughout.

Each of The Modern’s 902 spacious residences will feature open floor plans and high ceilings highlighted by floor-to-ceiling glass windows that offer breathtaking views. Luxury appointments include oak hardwood floors, walk-in closets, and beautiful stone bath and powder rooms. Open kitchens are designed with beauty and functionality in mind. Washers and dryers will be included in every home. Energy efficient heating and cooling systems with remote thermostat controls will be standard in each residence.

The Modern’s residences will be available for occupancy beginning in the summer of 2014. The two towers will rise between a 1-3/4 acre landscaped public park that will include water features and walking paths reminiscent of Central Park in New York City. The park will also host a 7,000-square-foot restaurant with indoor and open-air dining, as well as a refreshment kiosk. Additionally, FLRA will develop at 13,000-square-foot building to be donated to the Borough of Fort Lee, which will house a large public theater and a public museum.

The Modern is part of a larger mixed-use redevelopment of a 16-acre site adjacent to the George Washington Bridge that will contain 165,000 square feet of retail in an adjoining development parcel to the west of FLRA’s site in addition to (2) restaurants, snack kiosk, (2) multi-screen movie theaters, museum and public park.

The Modern is a continuation of SJP’s strong track record developing some of the New York metropolitan area’s most successful luxury residential and commercial projects. The company’s more recent notable residential and mixed-use developments include 45 Park Avenue on Manhattan’s East Side, and the 43-story Platinum on Eighth Avenue and 46th Street in New York City, both of which are completely sold out. During his extensive career, Goldman was also instrumental in the development of The Palisades in Fort Lee, a 538-unit luxury rental building, as well as The Shipyard in Hoboken, Portside Towers in Jersey City and the redevelopment of Port Liberte in Jersey City.