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BDP Holdings Receives Approval for New Jersey Mixed-Use Project

BDP Holdings Receives Approval for New Jersey Mixed-Use Project. Alternative investments, BDP, development, investment, private placement, real estate, Reg D, Regulation D, Sales
BDP Holdings Receives Approval for New Jersey Mixed-Use Project. Alternative investments, BDP, development, investment, private placement, real estate, Reg D, Regulation D, Sales

BDP Holdings, a New Jersey-based real estate investment company and private placement sponsor, announced that the firm’s redevelopment plan for its Lackawanna Plaza mixed-use project in the Newark suburb of Montclair, New Jersey was approved by the Montclair Township Council in a 4-2 vote.

The 8.2-acre property, which includes the historic Lackawanna Terminal, was originally acquired in January 2021.

“We are very pleased to receive the support of, not only the Montclair Township Council, but much of the public as well,” said David Placek, managing partner, BDP Holdings. “We believe that our Lackawanna Plaza mixed-use project will bring much needed jobs and affordable housing to an area with limited new apartment and office options, while also ending nearly a decade of vacancy in this historically significant location. We look forward to beginning the next phase of this development process.”

The location is near the regional highway network, including the Garden State Parkway and Interstate 280, and a variety of public transportation options are also available, including a 30-minute train ride to New York City.

The Lackawanna Terminal, built in 1912, served as the Montclair Branch of the Delaware Lackawanna and Western Railroad from 1913 until 1981 and helped to establish Montclair as a location of major importance just 12 miles from New York City. The terminal was added to the National Register of Historic Places in 1973, and in the 1980s, a shopping mall and grocer was built on top of the steel stanchions that supported the four train station platforms. Despite the location’s history, it has sat predominantly vacant for the last nine years, facing stiff opposition to its development from the township and community.

BDP Holdings says it was able to acquire the property at “a significant discount” to cost basis, and its development plan includes an environmentally conscious mixed-use project including apartments, workforce housing, affordable housing, and Class A office space and retail options, including a supermarket .A parking structure will be shared with the surrounding area, and the project will include  three open-space areas, with one featuring the former train station steel stanchions and an original 1930’s Delaware Lackawanna and Western train car which BDP acquired in 2022 and in the process of restoring, will help to preserve the historical significance of the site.

This is BDP Holdings’ second investment in the Montclair area. BDP’s leadership has invested more than $8.5 billion in value-driven real estate across the U.S.

BDP Holdings specializes in the acquisition, development and repositioning of real estate in the New York tri-state area and across the U.S. The company focuses on properties in markets with high barriers to entry and then seeks to add value through the repositioning of current properties or the development of new properties and communities. BDP’s executive team has invested in more than $8.5 billion of value-driven real estate and acquired over five million commercial square feet in more than 30 states.

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