Montvale on rise after companies relocate

It's been an economic roller coaster for Montvale as two major companies left for other states and the A&P headquarters is now for sale.

Montvale on rise after two major companies relocate and A&P goes up for sale

Montvale on rise after two major companies relocate and A&P goes up for sale (10/7/15)

MONTVALE - It's been an economic roller coaster for Montvale as two major companies left for other states and the A&P headquarters is now for sale.

After 42 years, Mercedes Benz announced they're moving to Georgia.

"They thought they were doing the right thing when they came up from Trenton waving their checkbooks at Mercedes Benz, but they needed to do that 15, 20 years ago," says Montvale Mayor Roger Fyfe.

But it was the small businesses that immediately felt the pain. 

"A shot for us too because we do a lot of business and it's affecting us. I would say 20 percent," says Milena Damas, manager at Stein's Gourmet Deli.

Mercedes was the largest domino to fall after Hertz left a few years before. Just recently, after filing for bankruptcy, A&P put its headquarters up for sale. Once booming with corporate real estate, Montvale had to re-invent itself.

"We started to circle our wagons and said what can we do here," says Mayor Fyfe.

The first big win is getting a Memorial Sloan Kettering outpatient facility on the old Toys R Us site, which is 350 immediate jobs and 400 people a day being treated. It's set to open in 2017. On the housing landscape, there is a 16 percent vacancy rate, but it's lower than the state's average.

"People if they can't sell, they're going to rent out their home," says Regina Snyder, a realtor at Coldwell Banker.

The mayor says there's been a significant amount of interest in the enormous Mercedes Benz campus, especially after the Sloan Kettering announcement. One idea: to build a hotel.

In addition, a Wegman's is being built on the DePiero's Country Farm site. It's set to open in 2017.

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