Developers Break Ground on $210M Residential, Retail Project in Jersey City
- Dec 17, 2008
Construction has begun on a $210 million development in Jersey City, N.J., that will feature two 47-story towers with a total of 524 rental apartments and 11,000 square feet of ground-floor retail space. Monaco Towers, developed jointly by Roseland Properties of Short Hills, N.J., and Garden State Developers of Jersey City, had originally been planned as a condominium property but will now offer rental apartments. Monaco South will have 281 units and 223 parking spaces while Monaco North will have 243 units and 187 parking spaces. The towers are being built on Washington Boulevard near the waterfront on a former parking lot of the Doubletree Hotel. Garden State Developers had built the Doubletree, then the city’s first waterfront hotel, in a joint venture about 10 years ago. The developers had received a 20-year tax abatement from the Jersey City Council in November 2006, that called for payment in lieu of taxes of 16 percent of gross annual revenue, according tothe Jersey Journal. Earlier this year, claiming the stalled project could not go forward if they did not get a better tax deal, the developers got a15-year abatement with payments based on 12 percent of the annual gross revenue. The city required that construction be completed by 2011. The project will follow the city’s Project Labor Agreement, meaning that some jobs must go to city residents in apprenticeships with building trades unions. About 400 construction jobs are expected to be created. The developers will also contribute $700,000 to the city’s Affordable Housing Trust Fund, according to a City Hall news release. “This project is a prime example of the resiliency of the Jersey City housing market,” Mayor Jeremiah Healy said in the release. “The Monaco will provide a mix of residential and retail spaces and contribute to Jersey City’s status not just as a gateway to Manhattan but as a premier destination in its own right,” stated Carl Goldberg, a Roseland principal. Jersey City continues to be an active site for mixed-use development. CPN reported Aug. 7, on plans to build a 564,000-square-foot mixed-use project on a 2.7-acre coastal brownfield site. EnviroFinance Group provided the financing for developer Statue of Liberty Harbor North Redevelopment Urban Renewal L.L.C. to acquire and clean up the property. Plans call for development of a 313-room luxury hotel and 470 condominium units for sale and rent. Completion is expected in 2012.