HornRock Properties will build an $85 million apartment community in the commuter-oriented redevelopment area in Harrison, the Paramus-based real estate firm announced.
Plans call for about 270 rental units and 15,000 square feet of retail space near the Harrison PATH station, according to a news release. By targeting the Hudson County town, the firm said it hopes to capitalize on a growing alternative to pricier transit-oriented neighborhoods in Hoboken and Jersey City.
The project is located at Dey Street and Harrison Avenue, HornRock said. The company expects to break ground six months from now.
The project is part of a growing pipeline for Harrison, which has spent more than a decade working to redevelop a blighted industrial section of its waterfront along the Passaic River. For HornRock, it’s the latest move in a two-year period in which it has grown by investing in and developing residential properties in the New York area.
The company, led by Maurice and David Hornblass, announced in 2012 that it planned to acquire $125 million in real estate assets in the near future, the news release said. It has since exceeded those numbers.
The firm has added nearly 400 units to its for-sale and rental portfolios in the past 24 months, the news release said. Most recently, it added two new for-sale projects in Mountain Lakes and Central Valley, N.Y.
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