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Exciting New Development for Former YMCA Site on Main Street in Hackensack

GBCY

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the staff of the Ridgewood blog

Hackensack NJ, a significant transformation is coming to Hackensack as plans for a seven-story, 254-unit apartment building at the former YMCA site on Main Street have been approved. This mixed-use development promises to revitalize a longstanding city landmark that has been vacant for two years.

Project Highlights

  • Location: Corner of Main and Passaic streets.
  • Units: 254 apartments, including studios, one-bedrooms, one-bedroom units with a den, and two-bedrooms.
  • Amenities:
    • 6,200 square feet of retail space.
    • Over 400 parking spaces.
    • Third-floor pool and courtyard.
    • 3,800-square-foot rooftop terrace.
    • 6,000-square-foot public plaza featuring vendor kiosks, public art, games, sprinkler areas, and seating.

Economic Impact

City officials are enthusiastic about the potential economic benefits. Once fully leased, the development is expected to generate over $1 million in tax revenue from what was previously a tax-exempt property.

“While the former YMCA building holds sentimental value for many in our community, we are thrilled to see this site poised for a transformative new chapter,” said Mayor John Labrosse. “These redevelopment projects not only enhance our cityscape but also contribute significantly to our economic vitality.”

History and Transition

The three-story Colonial Revival YMCA building at 360 Main St. was home to the Greater Bergen YMCA for over 90 years before it relocated to New Milford in March 2022. The aging structure was sold to a developer, but plans stalled when the original developer, National Realty Investment Advisors, filed for bankruptcy.

The project was scaled back following a U.S. Bankruptcy Court judge’s order, transferring the building’s sale to CBD Hackensack Developer. The revised plan, now approved, is a significant reduction from the original 14-story, 400-unit proposal.

Financial and Community Contributions

The development is expected to contribute approximately $520,000 to Hackensack’s affordable housing trust fund, pending final permit submissions. Developers in the city’s redevelopment zone can either allocate 10% of the building’s units for low- to moderate-income housing or contribute 1.5% of the property’s assessed value to this fund.

Broader Impact on Downtown Hackensack

Albert Dib, the city’s redevelopment director, highlighted the broader impact of such projects on the local economy: “Downtown Hackensack is once again becoming a regional destination, and mixed-use projects like this are a big driver. These projects help ensure the success of many locally grown businesses, something we have not seen in decades. The benefits to the local economy cannot be overstated.”

A smaller mixed-use building with 107 units was also recently approved for 359 Main St., signaling continued momentum in the area’s redevelopment.

Future Outlook

Deputy Mayor Kathy Canestrino emphasized the project’s significance: “The approval of this project represents a significant moment for Hackensack’s economic future, as this site’s transition from a tax-exempt property to a revenue-generating use will also bring more vitality to our downtown. This project will provide much-needed funding for essential services that further contribute to the city’s overall financial stability.”

This new development marks a major step forward in Hackensack’s ongoing efforts to rejuvenate Main Street, promising to enhance both the cityscape and the local economy. Stay tuned for more updates as this exciting project progresses!

5 thoughts on “Exciting New Development for Former YMCA Site on Main Street in Hackensack

  1. No details on the massive tax breaks?

  2. That’s not exciting, that’s horrible.

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    1. Exciting for the community wreckers.

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  3. What a shame. Another historic landmark gone. I learned how to swim there.

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  4. Hundreds more people and cars on these old roads.

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