We're dreaming, but dreams can become reality. See what Cliffside Park has done for its downtown: 1 acre green space/plaza with a reflecting pool, 200 parking spaces designated for shoppers, 267 upscale apartments, and nearly 51,000 square feet of new quality retail space. Great ratable to lower the taxes for local residents, all at no cost to the Borough. Now imagine that between Banta Place and the Railroad, and you've got a whole new identity for the downtown.
Cliffside Park retail, housing complex close to securing financing
Friday, September 24, 2010
Last updated: Friday September 24, 2010, 5:40 PM
BY MATTHEW VAN DUSEN
The Record
STAFF WRITER
CLIFFSIDE PARK – A long-planned retail and rental apartment complex on Anderson Avenue is close to securing $74 million in loan guarantees from the U.S. Department of Housing and Urban Development, borough officials said Friday.
The guarantees are a major step forward for the Towne Centre Redevelopment Project, which will include 267 rental units, 50,883 square feet of retail space and a three-story underground parking garage, officials said.
James Demetrakis, who is developing the project with Fred Daibes and Frank Raimondo under the name Towne Centre Urban Renewal Company, LLC, said the group must submit the final plans for government approval before closing on the financing.
Demetrakis said the project, which has a total pricetag of $100 million, will take 18 months to complete after the closing.
“We’re 100 percent committed to getting it done and to rehabilitation of the business district,” Demetrakis said.
The Federal Housing Authority program insures private lenders against default by developers of urban rental housing, allowing the developers to secure a better interest rate.
Towne Centre promises to revitalize the downtown area with 200 public parking spaces for downtown shoppers and a 1 acre landscaped outdoor plaza with a reflecting pool.
Still, the project has attracted controversy in the past.
The borough seized 12 properties in the central business district by eminent domain in 2006, angering some residents. The giant hole in the middle of town has also left many wondering when construction would begin.
Town officials said they were confident that the project will move forward.
“After many years of planning, I am delighted, that in spite of a slow economy, substantial progress is being made to bring this project to reality," Mayor Gerald Calabrese said.
Borough officials added the project will not cost borough taxpayers and will revitalize the downtown and add to the tax base.
E-mail: vandusen@northjersey.com