Bijou Properties, Intercontinental Break Ground on New Development
Ground has broken on an $83 million luxury multifamily project in Hoboken, N.J., via a joint venture between Bijou Properties and Intercontinental Real Estate Corp. The project, 900 Monroe, is located next to the 9th Street Light Rail Station.
By Joshua Ayers, Senior Editor
Hoboken, N.J.—Ground has broken on an $83 million luxury multifamily project in Hoboken, N.J., via a joint venture between Bijou Properties and Intercontinental Real Estate Corp. The project, 900 Monroe, is located next to the 9th Street Light Rail Station.
The 11-story, 135-unit mixed-use building is expected to complete in 2015 and will create more than 125 union construction jobs. Developers plan on creating an additional 7,000-square-foot public park and the 35,000 square feet of retail space will include a daycare center. A 135-space automated parking garage will also be included.
“Congratulations to everyone that was involved in this project, including Larry Bijou, whose developments are a great example of bringing resiliency to Hoboken, and also Peter Palandjian and the whole Intercontinental real estate team and all of our friends from the union whose pension funds contributed to making this project possible,” says Hoboken Mayor Dawn Zimmer. The development that we do in Hoboken has to be built more resiliently and this project is an excellent example of building for the future and building with a more resilient design that will not only provide energy efficient benefits and quality of life benefits, but will really be much more resilient. This project is a model for not only Hoboken and for our state, but for our country.”
Acquisition of the project was led by Michael Keys, director of acquisitions for Intercontinental Real Estate Corporation. Matthew Flotta of Intercontinental, with the help of Nicole Griffin, will serve as asset manager for the property. Tishman Construction, an AECOM Company, has been tapped as the general contractor and Intercontinental’s Pat O’Connor will serve as the construction manager.
“We could not be more excited with our purchase of 900 Monroe,” says Palandjian, chairman and CEO of Intercontinental Real Estate Corporation. “We look forward to creating a one-of-a-kind apartment building. Hoboken, as a major market, presents every compelling investment dynamic we seek in a deal. I am confident that our partnership with Bijou Properties will be a successful and lasting one. We look forward to more New Jersey purchases on behalf of Intercontinental’s union and public pension investors, for whom we are grateful to work, create investment returns and fair wage and benefit jobs.”
The building, designed by Marchetto Stieve Higgins Architects, will offer one-, two- and three-bedroom floor plans, all of which will include resource efficient features such as sustainable bamboo flooring, oversized windows, kitchens and bathrooms fitted with low-flow fixtures, as well as Frigidaire and Bosch Energy Star rated appliances. Surface finishes include granite countertops in the kitchen along with modern cabinetry, while bathrooms will include recycled porcelain tile.
Amenities and services include an attended lobby, a state-of-the-art gym, outdoor pool, clubrooms and automated parking.
Bijou will target the United States Green Building Council’s LEED Gold certification with the inclusion of environmentally conscious building supplies such as no-VOC paints, as well as other energy saving systems, such as the Cogeneration module (CHP), which will deliver hot water and electricity to the building using one fuel source. The “waste heat” from the CHP can be used to provide heat to the pool.
“900 Monroe will be the fourth LEED-certified project we’ve developed in Hoboken,” says Bijou, managing partner of Bijou Properties. “It will be constructed with innovative green building practices to promote a clean and healthier lifestyle while considerably minimizing its impact on the environment. We’re grateful Intercontinental chose to partner with us on this progressive urban building and are thrilled that they recognize the outstanding potential of this up-and-coming neighborhood and the appeal of Hoboken in general. We’re confident that together, we’ll deliver a product that all of Hoboken will be proud of.”