River Development has sold a former fuel farm, previously owned by Hess Corp., to PCD Capital for $17 million. The 13-acre development in Bogota, NJ is preapproved for a multifamily asset to be called The River Club, that will house 431 units. In accordance with COAH requirements, the project will also include 42 affordable units. Common amenities will include a clubhouse, secured parking, swimming pool and a planned retail component. Progress Capital negotiated the transaction on behalf of the seller, while PCD Capital was represented by Chris Otteau of Otteau Realty Advisors.
River Development purchased the site from Hess Corp. in 2014. The oil and natural gas company had used the property as a fuel tank farm, a facility which has since been removed. “The site presented many challenges, including ongoing environmental concerns from the former uses and entitlement hurdles that are inherent in a riverfront development. This project will transform Bogota’s waterfront and create an exciting community,” said Kathy Anderson, managing partner of Progress Capital.
