James Demetrakis

James D. Demetrakis

President at Arilex Capital

Location:
P.O. Box 38, Redmond, Washington, United States

General Information

Experience

Municipal Attorney - Borough of Dumont

Recent News  

North Jersey Media Group providing local news, sports & classifieds for Northern New Jersey!

The Democrats and Republicans have been divided on whether to allow another developer, James Demetrakis of Arilex Realty, to build the complex as well as up to 142 residential units on an abandoned industrial site. The Republicans wanted to allow Demetrakis to build the complex and the residential units. Democrats on the council wanted the borough to buy the property, the former site of the Sequa industrial building, and preserve some of the land around the complex as open space. After the second deadlock vote on the plan during a March 21 public meeting, Democratic Councilman George Perry said that he opposed any residential units on the five-acre property.

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North Jersey Media Group providing local news, sports & classifieds for Northern New Jersey!

In light of this, the special monitor will probably look favorably on developer James Demetrakis' proposal to build town houses on the former Sequa industrial site in the heart of the borough, because plans include 25 affordable housing units, East Rutherford Borough Attorney Pete Melchionne said Tuesday.In January, Demetrakis, of Arilex Realty in Edgewater, pulled out of a $9.25 million deal with the borough to renovate a former Sequa Corp. building for a new public safety complex. Demetrakis said Democrats and Republicans on the council could not agree on how to build the complex on the 5-acre property, which is at Paterson Avenue and Herman Street.

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North Jersey Media Group providing local news, sports & classifieds for Northern New Jersey!

But some council members are hoping to resolve the disagreements in order to salvage the deal with developer James Demetrakis, of Arilex Realty in Edgewater. "This is the best option that we've come across," said Councilman Joel Brizzi."We've been searching for the last two to three years for a facility."During a January Borough Council meeting, Demetrakis presented a preliminary plan to renovate a building, formerly operated by the Sequa Corp. for the safety complex.In a Feb. 9 letter to the borough, Demetrakis said that he would need united support from the council for the project. "A project of this size that involves the health and welfare and safety of the community should have 100 percent support from everybody on what to do," Demetrakis said on Monday. Brizzi said that it would be too costly for the borough to purchase and redevelop the Sequa property without the help of a private developer such as Demetrakis.He also said that he did not believe there were other properties in town that would be suitable for a new public safety complex. Perry could not be reached for comment.Demetrakis said he would sign a contract with the borough if all the parties can agree. "We're standing by, we're happy to revisit it," said Demetrakis.However, if a deal cannot be struck with the borough, Demetrakis said, he will still build the residential units on the property.

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