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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 site in Hoboken, New Jersey from Gotham Partners LP, a New York based private investment partnership.

Located directly on the Hudson River 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.

The project will consist of 832 luxury condominium 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 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 Tri-State Investment Team, represented the seller in this transaction.
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Title Annotation:Pinnacle Downtown under contract to buy former Maxwell House site
Publication:Real Estate Weekly
Geographic Code:1U2NJ
Date:Jan 14, 2004
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