FORT LEE, N.J. — An investment fund sponsored by Palisades Financial has partnered with Fort Lee Redevelopment Associates (FLRA) for the redevelopment of a 7-acre parcel located in Fort Lee. The project, which is known as The Center at Fort Lee, will consist of a mixed-use development containing luxury retail shops, restaurants, office space, a gourmet food market, a four-star hotel, two luxury rental towers and a landscaped central park. Additional plans call for a museum at the center of the development and potentially a multi-use theater. The Center at Fort Lee is being designed by Elkus Manfredi Architects. Palisades Financial is developing the project through Palisades Regional Investment Fund II. The fund recently entered into an agreement to sell the 7-acre site to FLRA, which is comprised of SJP Residential Properties and local attorney James Demetrakis. FLRA is undertaking the project as a result of a request for proposal sent out by the Borough of Fort Lee to redevelop a 15-acre assemblage situated adjacent to the George Washington Bridge that includes the 7-acre parcel. The construction timetable was not released.