Win Development, LLC has submitted construction and engineering plans to the City of Teaneck and Bergen County for final building plan approval. All governmental approvals are expected the beginning of September with Win Development closing on the purchase of the property by mid- September. Demolition of the existing structures and construction of the new Walgreens will begin immediately upon purchase of the property.
The developer assembled the three properties formerly occupied by a gas station at 520 Cedar Lane and several defunct stores and restaurants including Louie's Charcoal Pit on lots adjacent to the station, to make room for the 10,737 square foot drug store and pharmacy. It is expected to open summer 2016 featuring onsite parking spaces with exits on both Cedar Lane and Alma Terr., at the rear of the property.
"Weiss Realty saw this as a great opportunity for Walgreens to reenter the Teaneck's Cedar Lane," said Jaime Weiss, President of Weiss Realty Co. Inc., the broker who arranged the transaction on behalf of Win Development. "Walgreens adds an important asset to Teaneck's central business district, and it introduces a new use on a site that has been underutilized for many years."
Plans were drawn to address safety concerns for the thousands of pedestrians that visit the area. Weiss continues, "The ingress and egress from the site will minimize traffic impacts and maintain the safety and walkability of Cedar Lane, an important consideration as Teaneck's central business district continues to recover its vibrancy."
For an elevation of the Cedar Lane Walgreens, click here.