A major residential redevelopment is moving forward in Paramus, New Jersey, after developers secured $163.9 million in construction financing for The Bergen Chapter, a planned 426-unit apartment community near Bergen Town Center. The project will transform a former retail property and underused parking areas into a mixed-use residential development, reflecting the growing trend of converting aging commercial sites into housing.
The development is being led by a joint venture between KRE Group and Russo Development, two New Jersey-based real estate firms. Financing was arranged by Cushman & Wakefield, with PCCP providing the construction loan. The project will occupy approximately eight acres near Route 4 and Forest Avenue, placing residents close to shopping, restaurants and major transportation routes.
Two Buildings Planned With Affordable Housing
The Bergen Chapter will consist of two five-story residential buildings containing 426 apartments. Approximately 15% of the units will be designated as affordable housing, adding income-restricted residences to Bergen County's housing supply.
The development is also planned to include ground-floor retail, giving residents convenient access to commercial services while introducing new business opportunities near the shopping center. Its location across from Bergen Town Center offers access to an established retail destination rather than requiring an entirely new commercial district.
Amenities Designed for Modern Apartment Living
Plans call for a range of shared amenities, including fitness facilities, an outdoor swimming pool, coworking areas, resident lounges and landscaped courtyards. The community is designed to appeal to renters seeking a combination of convenience, recreational space and access to shopping.
The project also includes approximately 810 parking spaces and dedicated electric-vehicle charging infrastructure. These features reflect the practical demands of apartment living in suburban Bergen County, where residents may rely on cars even when living near major commercial centers.
Former Retail Property Gets a New Purpose
The project will redevelop the former REI outdoor retail store and Red Robin restaurant site, along with surrounding underused parking areas. Rather than leaving the property dedicated to low-density retail uses, the redevelopment will introduce hundreds of homes near an established shopping destination.
This approach is becoming increasingly relevant in New Jersey, where limited land availability and high housing costs have encouraged developers to reconsider how existing commercial properties can be used. Sites near shopping centers and major roads can provide opportunities to add housing while maintaining access to established infrastructure and services.
What the Project Means for Bergen County
The Bergen Chapter adds to Paramus's expanding multifamily housing market and demonstrates continued investor confidence in well-located suburban developments. Its combination of 426 apartments, affordable housing, retail space and extensive resident amenities is intended to create a residential community within an established commercial district.
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