Bijou Breaks Ground on $83M M-F Project in Hoboken
- Apr 10, 2014
Just across the Hudson River from Manhattan, the cry for more luxury multi-family accommodations in Hoboken, N.J., grows louder and Bijou Properties is responding with 900 Monroe. The real estate developer recently joined partner Intercontinental Real Estate Corp. to break ground on the 135-unit residential project in Hudson County, which will cost $83 million to bring to fruition.
In addition to upscale residences, 900 Monroe will feature 13,500 square feet of retail space, a 135-car automated parking facility and stone’s-throw access to an adjacent light rail station providing quick and easy transport to New York City, the main source of the call for more rentals.
“Demand for new apartments in Hoboken is being driven by its close proximity to New York City and attractive pricing compared to similar rental building in Manhattan,” David Gaber, partner and CFO of Bijou Properties, told Commercial Property Executive. “There’s strong demand in Hoboken and the City needs a supply of rental apartments to meet market needs. It’s a desirable place to live with many sought-after neighborhood features, including mass transportation to New York City”
According to a report by Marcus & Millichap Real Estate Investment Services, Northern New Jersey’s renter base is on track to expand this year as “high rents in Manhattan encourage people to seek rentals throughout the six-county region.” And despite the increase in supply of apartments on the horizon–Bijou is also in the midst of building the $131 million, 212-unit mixed-use Park Place in Hoboken–new demand is expected to keep occupancy levels in check, allowing for the vacancy rate to remain below 4 percent.
But it’s not just location that is on Bijou’s mind as it builds 900 Monroe; the company, as usual, is seeing green. “The philosophy of Bijou Properties is centered on neighborhood connectivity and an energy efficient mantra that is engrained in every project we participate in,” Gaber said. “We believe this is the right way to build. Our buildings are designed as solutions to issues in urban environments and lessen the environmental impact on surrounding neighborhood and infrastructure.”
Marchetto Stieve Higgins Architects is behind the design of 900 Monroe, which is expected to qualify for LEED Gold certification. Tishman Construction is on board as the general contractor and is on schedule to complete the project in fall 2015.