Teaneck—Development has become a buzzword in Teaneck, synonymous with growth and progress. Whether residential or commercial, development has long been recognized by the Teaneck town council as a necessary focus to safeguard the economic future of the town.
The construction of a dual-branded hotel at the site adjacent to the Glenpointe Marriott, which officially broke ground early last month, is intended to bring a tremendous revenue boost to Teaneck, helping to ensure some much-needed tax relief to its residents. Councilman Mark Schwartz, who is also co-publisher of the Jewish Link, is a vocal proponent of the project and is confident that this site will be a boon to the town in myriad ways.
“The continued development of the Glenpointe area will further increase the non–residential ratables, therefore easing the tax burden on our homeowners. This long process, which began close to eight years ago, will also enhance the offerings to the tri-state area for hospitality and further increase the value and ratable of the immediate office complexes,” said Schwartz.
Originally proposed in June 2015, this new hotel will feature 350 rooms at different price points. Developer Alfred Sanzari Enterprises shared details of the proposed building—specifically, that there are to be 190 Hampton Inn and Suites by Hilton rooms and 160 Homewood Suites by Hilton rooms. Hampton Inn targets the more cost-conscious hotel guest, while Homewood Suites is intended for larger families and those who plan an extended stay. The brands will employ certain shared services, such as an entrance, as well as meeting rooms, a fitness center and parking garage, with each offering complimentary breakfast and wifi.
Jerry Barta, vice president and director of leasing and marketing at Sanzari, commented at the December 1 ceremony, “Groundbreakings in general are a sign of economic progress, so in the real estate development business this is pretty much as good as it gets. Glenpointe, which was already one of the finest commercial real estate projects in New Jersey: we’re making it even better.”
The property, which is just steps away from I-80 and the entrance to the New Jersey Turnpike, is also about 15 minutes by car from Manhattan. Previously, the lot was an employee parking lot for the Glenpointe Marriott, and the initial proposal was to build a new office tower in the hopes of increasing revenue to the town. The planning board approved the proposal, but the eventual market downturn eliminated the need for a new building at that site.
Teaneck Mayor Lizette Parker noted, “I remember when I first got on the council back in 2006, and at that time we were looking at a project, an office building, in the location where the hotels will be located at and, although it passed, at the time it wasn’t quite right. I’m so happy that today we have the right project for Teaneck. I want to congratulate David Sanzari and Sanzari Enterprises, and thank you for your commitment to Teaneck. I thank you for the additional revenue. Currently, we only make about $10,000 from the parking lot and that will go up exponentially. We look forward to the additional people who will visit and travel through Teaneck and will hopefully utilize all the businesses and beautiful parks.”
The hotel is expected to add numerous construction jobs during the building phase, along with an additional 85 permanent jobs for locals once it opens. With more than 6,000 guests expected per month, the revenue to the town is projected to be tremendous, stemming not only from property taxes paid by the hotel, but also from the per-night occupancy tax.
“Teaneck has made millions of dollars over the years with the hotel occupancy tax. The new dual-branded hotel will not only be a great tax ratable, converting a vacant lot currently paying $17,000 in taxes into a beautiful hotel bringing in hundreds of thousands of new taxes, it will also bring hundreds of thousands of dollars in additional new hotel tax revenue,” commented Teaneck Deputy Mayor Elie Katz.
The value of the original Glenpointe 50-acre complex will be greatly enhanced by the addition of this new hotel, just as the dual-branded hotel’s value will soar just by virtue of its location, in terms of its proximity to the Glenpointe as well as to I-80 and I-95. The Glenpointe Marriott features a catering space which will be available to guests of the new hotel, and the new Hilton dual-branded hotel will offer travelers to the area additional options for accommodations, allowing each to directly benefit from the other.
David Sanzari, president and CEO of Alfred Sanzari Enterprises, stated, “This new hotel product at Glenpointe will bring additional lodging options to the region, generate numerous construction jobs and permanent hospitality-related positions, and produce long-term sustainable benefits for the township of Teaneck.”
Added Barta, “The hotel is good for Teaneck. The added jobs are potentially good for the greater Bergen community. This is a sign of progress, and a sign of confidence in general and in the town as a host community to the hotel. We’re pretty excited about it.”
By Jill Kirsch
