More on Fort Lee Redevelopment
As recently blogged here, Fort Lee recently revisited the former Helmsley property in the Borough as one of its redevelopment areas.
The newest group of redevelopers slated to tackle an allegedly blighted area are confident that they can succeed where others have failed. NorthJersey.com reports that Bergen County developer James Demetrakis, Esq. has teamed up with SJP Properties to build a mixed-use project anchored by two 47 story residential towers. Staff writers Linh Tat and Andrew Tangle quote Demetrakis in their article: “What makes us different? The team is well suited and experienced and financially capable,” he said. “It’s the combination of people, with their individual expertise, that will pull this cart to a successful conclusion. We’re ready.”
In order to succeed, they will first have to negotiate in good faith with the remaining owners of private property in that area. If unsuccessful, they may request that the municipality exercise their power of eminent domain to acquire the any remaining property and pay constitutional just compensation.
We’ll keep you posted.
Photo courtesy of NorthJersey.com