New development plans brewing at former Maxwell House site.Pinnacle Downtown, a subsidiary of Pinnacle, Ltd., has announced that it is under contract to purchase the former Maxwell House Maxwell House is a brand of coffee manufactured by a like-named division of Kraft Foods. It is named in honor of the Maxwell House Hotel in Nashville, Tennessee. For many years until the late 1980s it was the largest-selling coffee in the U.S. and is currently (ca. site in Hoboken, New Jersey Hoboken is a city in Hudson County, New Jersey, United States. Geography Hoboken is located at 40°44'41" North, 74°1'59" West (40.744851, -74.032941).GR1 from Gotham Partners LP, a New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of based private investment partnership. Located directly on the Hudson River Hudson River River, New York, U.S. Originating in the Adirondack Mountains and flowing for about 315 mi (507 km) to New York City, it was named for Henry Hudson, who explored it in 1609. Dutch settlement of the Hudson valley began in 1629. waterfront off Frank Sinatra Boulevard, the former manufacturing and distribution facility will be demolished to make way for a $500,000,000 mixed-use development Mixed-use development refers to the practice of allowing more than one type of use in a building or set of buildings. In planning zone terms, this can mean some combination of residential, commercial, industrial, office, institutional, or other land uses. . The project will consist of 832 luxury condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. units, 210,000 square feel of retail and professional office space, and 1,500 parking spaces. Local developers, Daniel Gans and George Vallone, will remain principals in this development with Pinnacle. Construction on this waterfront development is anticipated to begin middle of 2004, with residential units ranging from studios to four bedrooms offering magnificent views of the Manhattan skyline. Adjacent to the property is a ferry station boasting a mere four-minute trip to 38th Street in Manhattan. The PATH station is in close proximity as well. In addition, a publicly accessible riverfront park and beach will be developed at the site for recreational purposes. The Maxwell House development will contribute many benefits to the city of Hoboken including millions in tax revenues and the creation of four new city streets along the waterfront property previously inaccessible to the community for 150 years. Brian M. Stolar, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Pinnacle commented, "This project is an unbelievable opportunity to showcase our world-class design, development, sales, leasing and marketing talents at Pinnacle. "We also have a long history in Hoboken having successfully developed several award-winning luxury redevelopment projects in the area over the past 15 years. In addition, Pinnacle's substantial residential, retail and commercial experience will enable the group to bring a new level of lifestyle, as yet unseen, to the Hudson River. "We are one of the few companies with the experience and resources to develop such a significant, mixed-use site as Maxwell House and we look forward to setting a new standard of excellence in the urban sector." George Vallone, Pinnacle's local development partner, noted, "As someone who has been active in building and investing in Hoboken for some time, this announcement is a wonderful victory for the City. Pinnacle's involvement in the development of the Maxwell House site will ensure that it becomes a world-class destination that benefits the City and the entire region." Jeffrey R. Dunne, Vice Chairman of the CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. Tri-State Investment Team, represented the seller in this transaction. |
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