Ironstate Development & KRE Group Break Ground on 18 Park Rental Building in Downtown Jersey City
JERSEY CITY, NJ – Jersey City, NJ Mayor Jerramiah T. Healy joined development partners Ironstate Development Company and Kushner Real Estate Group and officials from the Boys & Girls Clubs of Hudson County to break ground on a new multi-faceted project comprising a 422-unit luxury rental building and a new state-of-the-art facility for The Boys & Girls Clubs of Hudson County.
Designed in collaboration between HWKN Architects and Minno & Wasko Architects, 18 Park will feature an architecturally-distinctive 11-story building with a collection of spacious residences and a full suite of upscale amenities. Occupying the same building but with a separate entrance and address, the new Boys & Girls Clubs of Hudson County will feature approximately 34,000 square-feet of modern classroom and recreational space.
The project is rising adjacent to the Liberty Harbor North Light Rail Station near PATH and ferry service to Manhattan within the Liberty Harbor Redevelopment District, an 80-acre, 28-block neighborhood that is already home to more than 1,000 new condominium and rental residences, including 225 Grand, a 348-unit rental building also developed by Ironstate and Kushner Real Estate Group which was completed in 2010 and leased up in less than ten months.
The Partnership expects to complete 18 Park in the fall of 2014 and has retained The Marketing Directors, Inc. to market and lease the residences. The Boys & Girls Clubs of Hudson County is also expected to open at the same time.
“Today’s groundbreaking event is an important milestone for Jersey City as it not only signifies the start of another critical development that will create construction jobs, generate tax ratables and attract new residents to the area, but will also bring us closer to providing a much-needed, modern and safe facility for the Boys & Girls Clubs of Hudson County which will serve the children of Jersey City for generations to come,” said Mayor Healy. “This is a noteworthy development plan that places the goal of improving the quality of life for our residents at the forefront, and we’re delighted to now see it moving from concept to construction.”
18 Park has been carefully designed to meet LEED certification standards as well as Feng Shui certification principles set forth by Feng Shui Manhattan. The building will encompass 550,000 square feet of residential space and 10,500 square feet of ground-level retail space. A collection of studio-, one- and two-bedroom residences will be offered, with select homes featuring a balcony or terrace with sweeping views of the Hudson River, Statue of Liberty, Ellis Island and downtown Manhattan. Several residences will be built “townhome style,” with direct access from the street.
Residents of 18 Park will have access to 230 parking spaces in a covered, enclosed parking deck. An exciting array of amenities will include a contemporary lobby with a massive fish tank water element, full-service fitness center, outdoor swimming pool, landscaped outdoor deck with planted green garden roof, billiards room, children’s playroom, catering kitchen and dining space, Wi-Fi lounge, television screening section and private storage space. On-site porters and handy-men will be available to attend to residents’ needs 24 hours a day.
"Jersey City has become a magnet for residents seeking quality housing alternatives at better values than Manhattan and parts of Brooklyn, and the area’s extensive mass transportation options including PATH and ferry service to downtown and midtown Manhattan add a level of convenience unparalleled in much of the marketplace,” notes David Barry, President of Hoboken-based Ironstate Development Company.
“18 Park will continue to meet that demand with a combination of well-designed residences and a strong amenity package in the heart of a growing and dynamic downtown setting. That we are able to move forward with this project in spite of today’s economic climate also speaks highly of our in-house resources and solid relationships with our development partners, financial institutions and Jersey City’s municipal agencies which will result in an exciting new development that will benefit the community at large.”
In addition to a convenient network of transportation links, 18 Park’s location will also afford residents easy access to an array of shops, restaurants and parks within its neighboring Paulus Hook neighborhood.
“People of all ages want to live here to enjoy the proximity to Manhattan and a high-quality housing experience with convenient transportation and easy access to dining and nightlife,” notes Jonathan Kushner, President of Kushner Real Estate Group. “Jersey City has become a national success story in terms of the redevelopment that’s taken place here which has effectively blended new residential, retail, commercial and recreational space with an enviable riverfront location to create a comprehensive lifestyle experience that continues to progress.”
Housed in the 18 Park building but independently accessed and operated, the Boys & Girls Clubs of Hudson County will provide a safe haven of programs for boys and girls from throughout Jersey City and will include high-tech classroom spaces, room for arts and music programs, a spectacular gymnasium with a floor-to-ceiling glass wall, and a modern lobby entrance. The new space will replace the Boys & Girls Clubs’ current facility, which was built in 1912 as a storage facility and retrofitted in 1984 by the organization, and has since become outdated, inefficient and costly to maintain.
“This is a once-in-a-lifetime opportunity where the private sector, municipal officials and a non-profit organization were all able to come together to formulate a plan that truly benefits everyone involved,” said Gary Greenberg, Executive Director of the Boys & Girls Clubs of Hudson County. “The organization has been in downtown Jersey City since 1893 and we currently provide programs in career development, technology, the arts, leadership development and sports and recreation for more than 1,000 members. Our new location allows us to remain right in the heart of a community we have been serving for more than 100 years.”
About Ironstate Development Company
Ironstate Development is one of the largest privately held real estate development companies in the Northeast. Based in Hoboken, New Jersey, Ironstate engages in the development and management of large-scale mixed-use projects and has a diverse portfolio of apartments and hotels valued at several billion dollars. The Company’s multi-family portfolio comprises an extensive range of apartments, condominiums and retail and recreational spaces in key urban centers near mass transportation hubs, while its hospitality holdings include the W Hoboken Hotel along the Hudson River waterfront facing Manhattan and the newly-acquired Standard East Village in Manhattan with partner Andre Balazs. Ironstate has approximately $1 billion in the development pipeline, including the redevelopment of the former U.S. Naval Base on the waterfront in Staten Island, NY. Additional information on Ironstate Development Company is available on the Company’s website at www.ironstate.net
About Kushner Real Estate Group
Headquartered in Bridgewater, NJ, Kushner Real Estate Group is one of the largest privately held diversified real estate companies in New Jersey. It owns and manages more than 5,000,000 square feet of office, warehouse and retail space. It also has substantial ownership in 9,700 apartments, of which 3,400 are managed out of its New Jersey office. The company is currently constructing more than 850 apartments and has several projects in the design and approval process. For more information, visit the company’s website at www.thekregroup.com.
About The Boys & Girls Clubs of Hudson County
For 116 years, the Boys & Girls Clubs of Hudson County has been in the forefront of youth development, working with young people from disadvantaged economic, social and family circumstances. The Boys & Girls Clubs of Hudson County has actively sought to enrich the lives of girls and boys whom other youth agencies fail to reach. The Boys & Girls Clubs of Hudson County, serving youth in Jersey City since 1896 and in Hoboken since 1984, is part of a nationwide affiliation of local, autonomous organizations that work to help young people of all backgrounds to develop the qualities they need to become responsible citizens and leaders. For more information, visit www.bgchc.org.