Project Receives Lifeline from HRA Amid Growing Concerns Over Delays

The Harrison Redevelopment Agency (HRA) has once again extended critical project deadlines for the long-delayed developers Accordia Harrison Urban Renewal LLC (Accordia) and Eastone Harrison Urban Renewal LLC. (Eastone) development located on South Frank E. Rodgers Blvd and approving a new lender, Walker & Dunlop Investment Partners, Inc., in a Resolution passed at its most recent meeting. The move marks yet another chapter in the years-long redevelopment saga, one marked by missed milestones, shifting lenders, and now, a push to bifurcate the Financial Agreement that governs the entire project.

A Familiar Request with New Conditions

In Resolution No. 6-2025, the HRA formally approved Walker & Dunlop as the new mortgage lender for Phase I of the project, which encompasses Lots 1.06 and 1.07. This approval is contingent upon a number of detailed conditions, including payment of outstanding fees, removal of liens, and settlement of ongoing litigation with Esposito Construction LLC. Counsel for the developer stated that the Esposito Construction litigation had been settled and he was following up on the discharge of a Judgment on the property.

Among the key provisions, the Resolution lays out a deadline for completion of Building A (Lot 1.06) by September 30, 2025, and Building D (Lot 1.07) by December 1, 2025. Additionally, the developer must present a revised massing plan and development schedule for Phase II, which includes Buildings B and C, by early 2026. An amassing plan was described as a drawing with a rendering of the buildings planned but without the architect's detailed plans.

Notably absent from the Resolution, but emphasized during discussions, was a critical condition set forth by Walker & Dunlop: the bifurcation of the existing Financial Agreement between the Town of Harrison and the developers into two separate agreements for Phase I and Phase II. According to sources, the bifurcation is a precondition for Walker & Dunlop to finalize its financing deal.

Why Bifurcation Matters

Currently, both phases of the development are governed by a single Financial Agreement that outlines the long-term Payment in Lieu of Taxes (PILOT) structure and other fiscal obligations. Walker & Dunlop has reportedly made clear that they are only willing to finance Phase I if it is covered under a separate, standalone agreement.

While the HRA can recommend changes, only the Harrison Mayor & Council has the legal authority to amend a Financial Agreement. Mayor James Fife, who also serves as Chairman of the HRA, was present at the meeting, signaling that a Resolution to bifurcate the Financial Agreement is likely to appear on an upcoming Harrison Mayor & Council agenda.

A Pattern of Delays

The project has been plagued by a long history of deadline extensions and failed financing attempts. Greystar Investment Group was approved as a lender in June 2023, and Forthright Holdings V LLC received similar approval in October 2023, yet neither transaction materialized. This revolving door of lenders has eroded public confidence and raised questions about the project's viability.

Since the HRA first entered into an Amended and Restated Redevelopment Agreement in 2015 with an earlier designated developer which was later assigned to Accordia in 2018, deadlines have shifted repeatedly. As reported by YourHarrison.com, the project's timeline has slipped year after year, with revised construction milestones failing to translate into tangible progress on the ground. See links at the end of this article to prior reporting.

Despite repeated assurances of being "close to the finish line," the developers have yet to deliver any completed structures under Phase I, nearly a decade into the project's life cycle. Having stated the latter, it does appear that the Developer may in fact get across the finish line with the help of Walker & Dunlop.

Conditions and Accountability

In an effort to maintain leverage, the HRA attached several financial and legal conditions to the latest approval:

• Any transfer of ownership prior to project completion will trigger a $4 per square foot fee.
• The submission of architectural and site plans for Phase II must adhere to a tightly prescribed schedule, culminating in a Planning Board application for Building B by February 2026.
• Construction of Building B must begin within six months of securing all necessary approvals.

Should any of these benchmarks be missed, further delays and legal entanglements could be on the horizon, especially as public scrutiny intensifies over the project’s opaque history and stalled momentum.

Looking Ahead

The bifurcation of the Financial Agreement could be a pivotal development, not just for this project but as a precedent for future redevelopment negotiations in Harrison. With Mayor Fife holding dual roles as both Chairman of the Redevelopment Agency and the town’s chief executive, the town’s next moves will be closely watched.

Residents and taxpayers continue to voice concern over whether these repeated extensions serve the town’s best interests or merely kick the can down the road. Although Mayor Fife denied he had stated at prior meetings, that there would be no further extensions Mayor Fife and the Commissioners present voted for a further extension.  Our prior reporting documents Mayor Fife’s prior “no further extensions” statements.

If Walker & Dunlop proceeds as planned and construction visibly resumes, the project could regain its credibility. But until then, the community remains skeptical, watching to see if this latest deal truly leads to at least one building being completed and generating PILOTS for the Town of Harrison or just another missed milestone.

Our Prior Articles:

Third Amendment With Extensions: Redevelopment Meeting Oct. 23, 2023

Back to Back: Redevelopment/Mayor & Council Thurs. Oct. 26, 2023

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