the staff of the Ridgewood blog
Hackensack NJ, the city has reached a settlement with the company that controls the Sears property on Main Street, paving the way for a potential redevelopment project there to move forward.
The 91-year-old art deco when Sears Roebuck and Co. opened in Hackensack in 1932 was the largest department store in Bergen County and one of the tallest buildings in the region. The store closed in 2020.
Transform Holdco, LLC, the company that acquired Sears Holdings’ assets in 2019, a year after the retailer went bankrupt, filed a lawsuit in January 2022 after the City Council approved an amended redevelopment plan. The plan laid out a vision for a mixed-use residential and commercial development at the site with a requirement that the building’s façade and its iconic tower be preserved.
The settlement agreement includes a 30-year financial agreement known as a PILOT or payment in lieu of taxes as part of the development. Transform Holdco, LLC, will also pay the city an $80,000 “community benefit contribution” after a redevelopment agreement and financial agreement have been signed.
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