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Bankruptcy Could Doom Development in Hoboken, Elizabeth

Builder seeks to block sale of interests, says cleanup costs hurting project
November 24, 2008 | NJ Biz

Rick Dressel commented on the possible impact of the bankruptcy filing of Monroe Center II Urban Renewal Company LLC, developers of the Monroe Center, a mixed-use, transit-oriented development in the Mile Square City. Dressel was asked whether the bankruptcy filing could also jeopardize the Celadon project on the Elizabeth waterfront. Dressel stated “failures with the first project could spill over and affect the second one,” and could lead to default for any obligations that the developer has with the project in Elizabeth.

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