Palisades Financial to finance Sandy Hook redevelopment.
In its long-running quest to secure Fort Hancock's future, Sandy Hook Sandy Hook, low, sandy peninsula, NE N.J., projecting 5 mi (8 km) N toward New York and separating Sandy Hook Bay from the Atlantic Ocean. At the northern end is a Coast Guard station and the former Fort Hancock, which was built to protect New York harbor and was Partners has found a finance partner in Palisades Palisades, cliffs along the west bank of the Hudson River, NE N.J. and SE N.Y., extending from N of Jersey City, N.J., to the vicinity of Piermont, N.Y., with a general altitude of from 350 ft to 550 ft (107–168 m). Financial, a Fort Lee, New Jersey-based investment banking and advisory firm that will provide financing to see the Sandy Hook, New Jersey-based project through its completion.
Sandy Hook Partners will use the financial influx to redevelop re·de·vel·op
v. re·de·vel·oped, re·de·vel·op·ing, re·de·vel·ops
1. To develop (something) again.
2. thirty-six buildings, totaling approximately 300,000 square feet, into "The Fort at Sandy Hook," a learning campus for marine/environmental research and education, cultural arts and heritage, corporate learning and training, fitness health and wellness facilities, and hospitality and meeting services. "Our major objective is to create a year-round community of education, research, recreation, cultural arts and hospitality focused on the appreciation of history and the local environment," said Sandy Hook Partners principal James Wassel, who won the right to rehabilitate re·ha·bil·i·tate
1. To restore to good health or useful life, as through therapy and education.
2. To restore to good condition, operation, or capacity. the property though a bidding process for a 60-year lease.
William "Billy" Procida, 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 Palisades Financial, added, "Together, Sandy Hook Partners and Palisades Financial will rehabilitate Fort Hancock Fort Hancock is the name of several places:
"The National Park Service is very pleased that the project to preserve the landmark buildings of Fort Hancock is moving forward," said superintendent Richard Wells. "We are certain that the rehabilitated buildings will become a huge asset to the community, the county and the state."
With this financing, Sandy Hook Partners has eliminated one of the last remaining hurdles to make this project a reality, particularly after Federal District Court Judge Mary Cooper recently dismissed an on-going lawsuit against the National Park Service and Sandy Hook Partners.
Her ruling was based on the "plaintiffs inability to show (or demonstrate) how they would be directly harmed by the rehabilitation rehabilitation: see physical therapy. and adaptive use of landmark buildings at Fort Hancock."