Last month, YIMBY broke the story for a major site to be developed at 115 River Road, in Edgewater, New Jersey. While we initially reported the address at 615 River Road, that was incorrect; however, the developer of 615 River Road has now filed a lawsuit in Federal Court, alleging that a series of “corrupt transactions” led to the Borough’s vote to seize the property by eminent domain back in September, in a secret a bid to transfer the lot to developer Fred Daibes, who is behind 115 River Road.
When it comes to skyscrapers and the other side of the Hudson River, Jersey City’s waterfront and Journal Square neighborhoods are just about the only areas in the state with frequent proposals for major new developments. But today, YIMBY has the first look at approved designs for a massive site in Edgewater, at 115 River Road, which would most definitely put the small city on the regional map.
National Resources has received $12.5 million in financing from CIT Real Estate Finance to begin construction of Phase II of The Pearl, on the southern end of Edgewater, New Jersey. Given what has already been built, three residential buildings of five or six stories are likely in the works; phase II will total 63 residential units, per Commercial Observer.