FORT LEE, NJ–The recent groundbreaking of Twenty50, the 194-unit luxury rental building at 2050 Central Road here, is the culmination of nine years of planning, says BNE Real Estate Group, the project’s developer.
The recession and resulting renewed appeal of rentals led BNE to reduce the size of the residences and double the number of units at the $70 million, 12-story building, says Jonathan Schwartz, senior vice president of BNE Real Estate Group. “It becomes like starting from scratch,” Schwartz tells GlobeSt.com.
Schwartz, other BNE executives and officials from Fort Lee, NJ participated in the groundbreaking of the project, located near the George Washington Bridge. Twenty50 is directly across the street from Fort Lee Historic Park, the New Jersey section of the Palisades Interstate Park, and a short walk from Fort Lee’s town center.
“We are very proud to be the host community for this type of development,” Mayor Mark Sokolich said at the groundbreaking. “Even in these tough economic times, we want to make Fort Lee a business-friendly environment. We want to make sure that our community is inviting to projects such as this.”
Designed by The Lessard Design Group, the building will offer a mix of one- and two-bedroom residences. Amenities will include a concierge, lobby with water wall, resident lounges, a café, Wi-Fi library/den, game rooms, fitness center and an outdoor pool.
First up in terms of construction is three months of blasting through bedrock to build the foundation. Thus far, all has gone according to schedule. “We did a lot of due diligence,” Schwartz notes.
Construction is scheduled to be complete by September, 2013. There are no concerns that the market pendulum will have swung back toward for-sale residences by then, Schwartz adds.
“Especially in Northern New Jersey, even in the worst of times, the apartment sector was very, very strong,” he says. “Even if things do turn to home buying again, there is still a strong demand for apartments.”