the staff of the Ridgewood blog
Paramus NJ, the Bergen Town Center in Paramus, NJ, is set to undergo a major transformation, with a $25 million land sale paving the way for a large-scale housing development. This move is part of a growing trend where shopping malls integrate residential spaces to adapt to shifting consumer behaviors and online retail competition.
The Deal: Bergen Town Center Sells Land for Housing
During a Q4 earnings call on Feb. 12, executives at Urban Edge Properties, the owner of Bergen Town Center, confirmed the sale of a freestanding building and parking field to a multi-family developer.
According to CEO Jeffrey Olsen, Urban Edge saw an opportunity to maximize the value of the land by securing approvals for approximately 450 residential units before selling it.
While Urban Edge did not name the buyer, CoStar, a leading real estate analysis firm, reported that Russo Development LLC acquired the property. Russo Development, which shares an address with Russo Acquisitions, had previously filed a revised application before the Paramus Planning Board for a mixed-use development at the site.
What’s Planned for Bergen Town Center?
The current proposal, if approved, would involve:
🏗 Demolition of an existing building (formerly housing Kirkland’s, Red Robin, and REI)
🏢 Construction of two multi-family residential buildings with retail on the ground floor
🏠 426 total apartments, including:
- 147 one-bedroom market-rate units
- 12 affordable housing units
🚗 1,572 parking spaces, including garages and shared mall parking
Is This the Same Project Before the Planning Board?
Urban Edge’s earnings call didn’t specify whether this sale is tied to Russo Development’s existing 426-unit proposal or another potential residential project at Bergen Town Center.
Paramus: A Hub for Mall Redevelopment & Housing Growth
The Bergen Town Center project is part of a larger redevelopment wave in Paramus, where malls are incorporating residential spaces, retail, and mixed-use elements to remain competitive.
🔹 Westfield Garden State Plaza plans to break ground this year on a massive development featuring up to 1,400 apartments and additional retail space.
🔹 Paramus Park Mall received approval for two apartment buildings with 360 residential units, replacing a 60,000-square-foot parking lot outside Macy’s.
What’s Next?
As mall redevelopments gain momentum in Paramus, the next steps for the Bergen Town Center project depend on Planning Board approvals. With demand for housing in Bergen County rising, mixed-use projects like this could reshape Paramus’ retail landscape in the years to come.
Would you live in a mall-based apartment community? Share your thoughts in the comments!
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I would never live in a mall based apartment community. If I wanted to live like that I’d live in a city. Politicians, greedy developers and the Mt. Laurel decision are destroying suburbia. Keep jamming this crap into our towns and see an increase in traffic, crime and taxes. Such idiocy. I don’t even go to any of these malls anymore and try to stay off the highways as much as possible.
Watch crime spike in that mall.