NEW JERSEY—On Wednesday, Fort Lee Redevelopment Associates, a partnership including developer SJP Residential Properties, attorney James Demetrakis and real estate investment firm Palisades Financial, broke ground on The Modern, a $500 million, eight-acre redevelopment project located at 100 and 800 Park Ave. in Fort Lee, N.J.

The residential development will be comprised of two, 47-story glass towers containing 900 luxury rental apartments, as well as community amenities such as a landscaped public park, theater and museum.

Units within the property will offer open floor plans, hardwood floors, walk-in closets and stone baths.

Amenities planned include a fitness center; spa; lounge areas for catered events; screening room; golf simulation program; Internet lounge; 24/7 concierge and doorman service; and dry cleaning services.

Outside, an infinity pool for each tower is planned, as are volleyball and basketball course, barbeque stations; pet spas and indoor parking garage.

Occupancy at The Modern is scheduled for fall 2014.

The Modern is part of a larger mixed-use redevelopment of a 16-acre site adjacent to the George Washington Bridge that will contain 165,000 sq. ft. of retail in an adjoining development parcel to the west.