The S.Hekemian Group
45 Eisenhower Drive
Paramus, NJ 07652
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140,000-Square-Foot Wegmans Set to Anchor 225,000-Square-Foot Marketplace
MONTVALE, N.J., Sept. 24, 2015 – The S.Hekemian Group today broke ground for The Shoppes at DePiero Farm, a 225,000-square-foot lifestyle retail marketplace in Montvale. The center will be constructed at a cost of $125 million, according to Peter Hekemian, senior managing director.
The center is rising on the iconic 28-acre DePiero farm, the last large farm site in northern Bergen County. “This market is particularly known for its extremely high demographics, with some of the highest household income levels in the state,” said Hekemian. “It will feature authentic architecture and landscape/hardscape inspired by the region’s farming and equestrian heritage.”
A 140,000-square-foot Wegmans Food Market will anchor the center, according to Hekemian. Other tenants committed to The Shoppes at DePiero Farm include The Habit Burger Grill, Chipotle, Ulta Beauty, European Wax Center, Starbucks, 1808 Fine Men’s Barber, Urban Place Farm to Table, FedEx/Kinko’s, and Not Your Average Joe’s, with more to be announced shortly, according to Brian Silbert of Silbert Realty & Management, exclusive leasing agents for the property.
“This project will provide residents and corporate professionals with a highly designed place to gather, shop and dine,” said Hekemian. “It is a suburban development designed as a walkable town center, which is exactly what today’s young professionals want – an urban feel. This project is designed to create a sense of place. With its new open-air style, we’ve come full circle in our effort to create a ‘downtown,’ a place to congregate.”
The Shoppes at DePiero Farm will also feature cutting-edge “green” design, including a green, vegetative roof on the junior anchor building to provide insulation, reduce storm water runoff, and form a wildlife habitat. Other features will include six electric vehicle charging stations, walking and biking paths, and exterior lighting designed to comply with Dark-Sky practices.
By providing more than 400 local jobs, The Shoppes at DePiero Farm will continue the maintenance of Montvale’s economy, an effort that was recently recognized with a major planning award. The project is also the result of an intense collaborative effort between borough officials and the partners of The S.Hekemian Group.
“We applaud the tireless efforts of Planning Board Chairman John DePinto, working with The S.Hekemian Group to make this project a reality,” said Mayor Roger J. Fyfe. “Our community has a strong working relationship with the company and look forward to working with them on an ongoing basis.
“We wanted something very dynamic from a planning standpoint, and the result is an important project based on very innovative ideas,” said Mayor Fyfe. “Our community’s efforts at economic stability are ongoing, and The Shoppes at DePiero Farm is an important step.”
Headquartered in Paramus, N.J., The S.Hekemian Group (SHG) develops high-quality, highly-finished real estate for long-term ownership. With over 80 years as one of the country’s most stable property owners and developers, the company’s significant and highly selective portfolio includes luxury residential, office, mixed-use and retail/lifestyle properties located in the strongest demographic areas of New Jersey, the Northeastern U.S., and California. SHG owns assets both in the private form and through the First Real Estate Investment Trust of NJ, a publicly-traded REIT (trading under the ticker symbol “FREVS”), of which the Hekemian family was a founding member.
Photo Caption: (l-r) Montvale Mayor Roger Fyfe; Montvale Planning Board Chairman John DePinto, Edward DePiero, Elaine DePiero, Peter Hekemian, Sr. Managing Director, The S.Hekemian Group; Douglas Cohen, VP, Business & Legal Affairs General Counsel, The S.Hekemian Group; Holly Schepisi, Assemblywoman, 39th District; Robert Auth, Assemblyman, 39th District; William Tierney, Senior VP, ConnectOneBank.