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The Borough of Fort Lee with NW Financial assistance issued a Request for Qualifications and Proposals (“RFQ”) in 2009. The purpose of the RFQ was to seek responses from qualified developers to propose a detailed use of the Boroughs Redevelopment of “Area 5” which consists of 16 acres composed of 1,600,000 square feet of mixed use projects including office, retail, residential and hotel facilities. During the course of this assignment, NW reviewed proposal from four major developers to determine their ability to finance and complete their proposed project.
In reviewing the proposed scope of the project by the individual developers, NW preformed extensive research and analysis on the financial feasibility and potential economic value of each proposal to the Borough of Fort Lee. The value of the redevelopment is estimated at $ 687 million to be completed over nine years. The analysis included determining the financial strength of the developer/partners, the ability of the developer to secure financing and requisite equity to properly fund the project through its completion, the accuracy of operating revenues and cash flow projections in their pro-formas, and the economic impact to the Borough. NW completed reviews of the initial submissions by each developer along with any supplemental proposals that were received, interviews with each of the developers and their consultants and correspondence with each, and internal discussions with the Mayor and Council and the Borough’s professionals. As a result of those discussions, interviews and documentation review and the internal data analysis within our firm, NW was able to recommend a master developer for Redevelopment Area 5 The Borough has chosen a master developer and is in final negotiation for the final redevelopment plan.
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