Century Center, South Hackensack, NJCentury Center
Developer: Industrial Condominium Associates
Century Center is an example of an innovative development approach and adoptive reuse of an outdated industrial paper emulsification plant of 150,000 square feet. Rio Vista conceived a plan to upgrade the facility and convert it into 10,000 to 15,000 square foot industrial condominium units for sale to companies with requirements for small to medium sized warehouse, light assembly and research and development facilities.
Rio Vista acquired the former St. Joe Paper Company facility, undertook a thorough environmental cleanup and secured approvals of the New Jersey Department of Environmental Protection, then upgraded the building to current building code requirements. The upgrade to the building included a complete retrofit with new fire sprinkler, HVAC, plumbing and electrical systems, truck loading docks, site work, and addition of individual entrances and office space for each unit. The complex is managed by a Board of Trustees elected by the unit owners, who are assessed a proportionate share of the expenses for maintenance of the roof, parking and other common areas of the condominium.
The condominium is located in close proximity to major highways including Interstate Routes 80 and 95, State Highways 4 and 17. The industrial condominium units sold at prices varying from $80 to $115 per square foot and units have been resold at higher levels.
The project was financed through conventional financing and private equity.
