REI Lot in Paramus Sells for $25M as Developers Plan 426-Unit Mixed-Use Project Near Bergen Town Center

the staff of the Ridgewood blog

Paramus NJ, a major real estate transaction has reshaped the development landscape in Paramus, NJ, as a fully entitled property near Bergen Town Center sold for $25 million. The site, currently occupied by an REI store and adjacent parking lots on Forest Avenue, just off Route 4, will soon be transformed into a vibrant mixed-use community featuring 426 residential units, retail spaces, and structured parking.

The high-profile sale was brokered by JLL’s Investment Sales and Advisory Team, with Urban Edge Properties acting as the seller. JLL’s team, led by Jose Cruz, Ryan Robertson, Steve Simonelli, Michael Oliver, Elizabeth DeVesty, and Austin Pierce, arranged the deal with a joint venture between KRE Group and Russo Development, LLC.

What’s Coming to Paramus?

The upcoming development will be executed in two phases:

• Phase One: 166 residential units

• Phase Two: 260 residential units

Each building will rise four stories of residential living above two to three levels of parking, designed to accommodate both residents and retail visitors. The project will also include two retail suites and a comprehensive amenity package, making it a destination in its own right.

Located at the heart of Bergen County’s retail hub, the development will be surrounded by premier shopping and dining options, and boasts immediate access to Route 4, the Garden State Parkway, and Interstate 80—a strategic location for commuters and shoppers alike.

Paramus Mayor Chris DiPiazza called the headline misleading ,in  a Facebook post ,  ·
“Many of you have sent this to me, and I want to clarify on the misleading headline. The property is being sold, but it is NOT another 400 units being added to Paramus.
The malls were rezoned in the 2016 Master Plan and then the Nurseries as part of the Fair Share Housing agreement in 2020.
These properties take years (decades even) to plan, develop, have residents. Once a property is approved (or allowed via zoning). You can’t “unnaprove” it.
As always. You can email me or set up a meeting”

Fully Entitled, Fully Approved

The term “fully entitled” means that the property has received all required municipal and legal approvals—including zoning, building permits, and site plans—clearing the way for construction to begin without regulatory delays.

“The combination of Russo’s and KRE Group’s development expertise and the site’s prime location makes this an attractive investment opportunity in today’s market,” said Jose Cruz of JLL.

“We continue to see a wave of larger redevelopment projects in mixed-use locations, where malls are incorporating multifamily, retail, and other elements to remain competitive,” added Ryan Robertson of JLL.

Mixed-Use Development: A Growing Trend in Retail Hubs

The Paramus project reflects a growing trend in mall-adjacent redevelopment, where traditional retail centers are being transformed into live-work-play destinations. By integrating residential living with retail access and modern amenities, developers aim to boost property value while meeting regional housing demand.

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