JV Breaks Ground on Luxury Development in Jersey City
- Jun 29, 2012
Development partners Ironstate Development Company and Kushner Real Estate Group have broken ground on 18 Park—a 550,000-square-foot, mixed-use project that will replace an undeveloped site adjacent to the Liberty Harbor North Light Rail Station near PATH and ferry service to Manhattan, all within the Liberty Harbor Redevelopment District in Jersey City.
Jointly designed by HWKN Architects and Minno & Wasko Architects to meet LEED certification and Feng Shui standards, the 11-story building will feature 422 luxury rental units, 10,500 square feet of ground floor retail space and 230 covered parking spaces. According to The Real Deal, the rental units—comprising of studio-, one- and two-bedroom residences with views of the Hudson River, Statue of Liberty, Ellis Island and downtown Manhattan—will be marketed around $36 per square foot.
Future residents of 18 Park will benefit from a variety of upscale amenities such as an outdoor swimming pool, a planted garden on the roof, private storage space, a full-service fitness center, recreation space and non-stop concierge service.
The project also includes a new ground-level headquarters for the non-profit Boys & Girls Clubs of Hudson County, which will relocate to the new 34,000-square-foot home in the fall of 2014, when construction is scheduled to be completed.
Plans for the independently accessed and operated facility include a dance studio, classroom space, rooms for arts and music programs and a new gymnasium with a floor-to-ceiling glass wall. As reported by NJ.com, the joint-venture behind 18 Park has entered an agreement with the Boys & Girls Clubs of Hudson County board to purchase the non-profit’s existing headquarters building at 1 Canal St. and transform it into a 660-unit residential building.
Follow this link for an in-depth report on New York City multifamily.
Project renderings courtesy of HWKN Architects website