New Mixed-Use Development Will Create More Than $1 Million in New Annual Tax Revenue
The City of Hackensack is pleased to announce the recent approval by the Planning Board of the former YMCA site located at 360 Main Street. This project represents a major step forward in advancing the city’s long-term goals for redevelopment and revitalization. Once fully leased, this project is anticipated to generate more than $1 million in annual tax revenue on a formerly tax-exempt site while creating an estimated 1,000 construction jobs. These funds will support vital public services and infrastructure improvements, reinforcing Hackensack’s financial stability and future growth.
“While the former YMCA building holds sentimental value for many in our community, we are thrilled to see this site poised for a transformative new chapter,” said Hackensack Mayor John Labrosse. “These redevelopment projects not only enhance our cityscape but also contribute significantly to our economic vitality, and the YMCA will continue to remain active in the Hackensack community by serving residents at its New Milford location for years to come.”
The former YMCA building, a fixture in the community for many decades, had unfortunately fallen into disrepair and no longer met the needs of the community. With the YMCA’s eagerness to find a suitable buyer, the site has now been approved for a new 254-unit high-end residential building with a 6,000 square foot public plaza, situated at a prominent intersection.
“The approval of this project represents a significant moment for Hackensack’s economic future, as this site’s transition from a tax-exempt property to a revenue-generating use will also bring more vitality to our downtown,” added Deputy Mayor Kathy Canestrino. “This project will provide much needed funding for essential services that further contribute to the city’s overall financial stability.”
In addition to this redevelopment project, another residential project was recently approved at 359 Main Street, where 107 units are planned. Both developments align with Hackensack’s vision and strategic objectives for revitalization and growth.
