Multifamily projects gain steam in Bergen County

Multifamily projects gain steam in Bergen County

AUGUST 17, 2014    LAST UPDATED: SUNDAY, AUGUST 17, 2014, 11:31 AM
BY KATHLEEN LYNN
STAFF WRITER
THE RECORD

In a sign of the housing industry’s rebound, two large North Jersey redevelopment projects — in Wood-Ridge and Cliffside Park — are picking up momentum after being stalled during the real estate downturn.

The steel framework is going up at the Towne Center project in Cliffside Park, and developers Fred Daibes and James Demetrakis of Edgewater now expect the project to open around September 2015.

And at the Wesmont Station redevelopment, on part of the old Curtiss-Wright factory site in Wood-Ridge, Pulte Homes has begun work on a section of 217 town houses, while nearby, land is being cleared for 104 affordable apartments.

The Wood-Ridge and Cliffside Park redevelopments are moving forward at a time when home building — especially multifamily building — is on the rise again in New Jersey, after falling to post-World War II lows in the wake of the recession and housing bust. This year, New Jersey home construction approvals are running at their strongest pace since 2006, about 29 percent ahead of last year’s level.

“You’re seeing a convergence of long-term trends toward more multifamily, transit-oriented residential development and the housing market emerging from the deep recession that the industry was in,” said Christopher Jones, vice president for research at the Regional Plan Association.

“There’s a pent-up demand for housing, and builders are getting into position to meet this demand,” said Ralph Zucker, head of Somerset Development, the master developer at Wesmont Station.

– See more at: https://www.northjersey.com/news/business/multifamily-projects-gain-steam-in-bergen-county-1.1068547#sthash.nS4GZBC9.dpuf