Monday, May 12, 2014

New Real Estate Development Projects in Downtown Jersey City

Easily the most ambitious development in the state, Journal Squared will include 1,850 rental units among the three towers that will form a 2.3-million-square foot high-rise project meant to revitalize the scrappy Journal Square neighborhood. One of the towers is expected to be the tallest in the state at 70 stories. Designed by Hollwich Kushner and Handel Architects, the first tower will rise 54 stories and hopefully be complete by mid-2016. The developers are Kushner Real Estate Group and National Real Estate Advisors, and work began on the first tower in March. Rents are expected to run about $1,500 a month for studios and $3,500 for three-bedrooms.
Kushner Companies and the KABR Group are working together on a 40-story tower at 30 Journal Square that will replace the former headquarters of the Jersey Journal. Designed by Ismael Leyva, it will house 525 apartments, the old building and the Jersey Journal sign will be incorporated into the new structure. Therenderings show a step-like building, and the tallest part will stand about 40 stories.
3 Journal Square is a 13-story, 240-unit rental tower that will be built on top of an existing parking deck. Opening in winter 2015, the project is being developed by PHM II Associates, LLC a partnership of Hartz Mountain Industries, Panepinto Properties, Inc. and Garden State Development Inc. Hartz opened the parking deck and adjacent office building in 1984.
In March, it was reported that HAP Investments, a developer that's been very active in Upper Manhattan recently, purchase an 80,000-square-foot lot in Journal Square. Plans weren't solidified, but HAP may build a 42-story residential tower. The property is currently partially covered by a parking lot.
The Cast Iron Lofts consist of 155 rental units in a building developed by the Manhattan Building Co., which recently broke ground on a similar building next door, Cast Iron Lofts 2 (creative!). The building will hold 232 rentals. Manhattan Building is also in early planning stages for an additional two Cast Iron Loft buildings that would hold 400 more apartments.
The Laguna, a new 159-unit building at 45 Park Lane South, opened last year alongside its neighboring residential towers as part of the Lefrak Organization's finishing touches to the Newport nabe. Poskanzer Skott Architects designed the 19-story waterfront building, which wrapped up leasing in December 2013, just six months after launching.
Silverman, an active Jersey developer, has plans for a 5-story project between Grove and Erie Streets near Hamilton Park will house 25 apartments and the Scandinavian School of Jersey City.

Silverman also has plans for a seven-story, mixed-use project on Hamilton Park between Erie Street and McWilliams Place. Designed by H. Thomas O'Hara, the building will join the 11-story condo building that Silverman opened on the park in 2012.

M2 is a 38-story, 311-unit rental building thatMack-Cali/Roseland and Garden State Development Inc. have in the works at 401 Washington Street. Designed by SLCE Architects, it will sit at the Harsimus Cove Hudson-Bergen Light Rail station and share a parking garage with the neighboring Marbella apartment building, which the developer opened in 2003. Occupancy is slated for thebeginning of 2016.
Ironstate Development teamed up with Mack-Cali to develop the first phase of its new lifestyle concept, URL Harborside, a group of three Concrete-designed 69-story rental buildings planned for Harborside Plaza between Greene and Hudson Streets near the Exchange Place PATH station. The first “Urban Ready Living” tower will include 763 partially furnished rental units, ground floor retail and a “parking pedestal.” The two other towers will include 2,358 rental apartments, and all three should be complete by mid-2016. Construction began in January.
Kushner Companies and the KABR Group are getting ready to break ground in June for thesecond Trump Plaza building, the mixed-use 50-story East Tower, which will include 446 units, ranging from studios to two-bedrooms. There will be indoor parking and ground-floor retail, and the design, created by Humphreys & Partners, will look very similar to the first, which opened in 2008.
A large warehouse in the Powerhouse Arts District will be converted into 366 lofts-style apartments by Mill Creek Property Trust and Rockwood Capital. The building's 25-foot ceilings, exposed brick, large windows, wood beams and columns will be preserved, and amenities will include a rooftop deck, fitness center, 24-hour concierge, a clubroom with bar, a dog washing station, and bike storage.
Toll Brothers broke ground last year on the first of three buildings planned for an area on Morgan Street near Marin Boulevard. Called Provost Square, the first building is a 38-story, 417 rental designed by SLCE Architects, and it will be complete next year. The two other sites, part of the downtown Powerhouse Arts District, will hold condo towers for a total of 925 residences, a performing arts center, ground floor retail and more than 900 parking spaces.
Gene Kaufman isn't only plaguing New York City with his projects. The man is the architect of record for two 50-story towers for a project by Ironstate and Panepinto Properties on Columbus Drive. The development, whichbroke ground last year, is a 1.2 million-square-foot complex that will include a 150-room hotel and approximately 1,000 rental units above more than 20,000 square feet of retail.
BNE Real Estate Group leased 25 percent of the 139 rental units at the new 11-story Warren at York building within four days of opening. Three days later more than half the Minno & Wasko-designed building was spoken for. Studios start at $2,100, one-bedrooms at $2,200, 2 bedrooms at $3,300 (all of which have 2 bathrooms) and units with three bedrooms at $5,400.
Silverman's next local project is Charles & Co. (Majestic II), a seven-story mixed-use building on Grove Street at the corner of Montgomery Street. It will include one floor of co-working office space above retail at its base, plus 99 rental apartments on the top floors.

Rushman Dillon Projects has plans for a five-story, 86-microunit building on Varick Street at the corner of Bright Street. The rentals will be between 325 and 350 square feet and equipped with multi-function, collapsible furniture residents can hide away as needed. The proposed plans include several common areas, including a rooftop deck and a gym, as well as commercial space on the ground floor.
Ironstate Development will soon transform from the abandoned coal bunker that the Boys and Girls Club of Hudson County calls home into a 45-story, 670-unit residential towerdesigned by HLW International. The nonprofit is relocating to 18 Park, courtesy of the same developer. The area is located in the 80-acre Liberty Harbor Redevelopment District, and this section will be known as Liberty Harbor North. Work on 235 Grand will also include an extension of Grove Street and the revitalization of an adjacent park.
Ironstate Development Company and Kushner Real Estate Group teamed up to develop the 11-story 18 Park, which is rising in the Liberty Harbor North Redevelopment District near Ironstate's 235 Grand Street. The 500,000-square-foot project, designed by Minno & Wasko and HWKN Architects, will have 422 rental apartments and will include 30,000 square feet of retail and new facilities for the Boys and Girls Club of Hudson County, currently housed in a converted storage bunker at 1 Canal Street. Construction began in 2012, and it's expected to open this year.

Information Provided by:
Donna Antonucci
Weichert Realtors

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