Posted Nov 1, 2023, 8:13 PM
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Join Date: Jan 2014
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JERSEY CITY | Harborside 4 | ? FT | 60 FLOORS
https://commercialobserver.com/2023/...ifamily-debut/
Quote:
Related President Bruce Beal said that his firm plans to build a mixed-use residential tower up to 60 stories, as city zoning amendments allow for that height as of right, and that the final unit count would be roughly 750 apartments, with rentals at the lower floors and for-sale units likely at the top. A retail component with a combination of restaurants, food and beverage, parking and retail is also planned for the base of the building, he said.
“Jersey City is a market that continues to grow, and if you’re looking out the window here at Hudson Yards, it’s hard to not be connected to Jersey City,” Beal said. “This transaction will hopefully be one of many.”
Beal expects the developers to seek a $350 million to $400 million construction loan to get to work on the project, expected to start next fall or before the end of 2024.
“We’ll go to our stable of construction lenders,” he said. “We’ll capitalize with one of our joint-venture equity partners and with Related’s equity and Panepinto.”
Both Related principals praised the cooperation of Jersey City Mayor Steven Fulop, the Jersey City Council, and the Jersey City Planning Board, who they said helped streamline the project through various bureaucratic hurdles.
“At times people complain about challenging processes or administrations that don’t want things to grow, but the leaders and political environment over there have created a platform to invest in the area,” said Beal. “They’ve done a very good job of proactive planning development there, and it’s clearly working.” ...
“I think this is the last and best waterfront site that can be developed for residential purposes down here,” he said. “It will probably be over 60 stories, and I think this will be very successful.”
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