“It’s a pretty strong value proposition not only in rents but square feet and space in general,” Richard Sciaretta, Claremont Cos.’ director, told MHN. “It’s 25,000 square feet of Class A amenity space, and on average looking towards downtown product in Jersey City, on a rental basis of a 20-30 percent discount and getting more space.”
The project, expected to be ready for occupancy in July, is just the first phase of a mixed-use master plan to transform Jersey City’s west end neighborhood into University Place.
University Place is a master redevelopment plan which will encompass eight buildings, 1,000 new luxury residential units and access to more than 120,000 square feet of retail, a vibrant performing arts center, cafes, theaters and lush green space.
“We were attracted to this because it creates a sense of place in a neighborhood that is emerging,” Sciaretta said. “It was exciting to jump on board with a blank canvas and create a community where nothing of this nature, scale or quality has ever been built in this area.”
Located at 23 University Place Blvd., RIVET will consist of 27 studio apartments, 112 one- and 24 two-bedroom units, ranging from 550 to 1,300 square feet. Units feature 9’6” ceilings, contemporary kitchens with stainless steel appliances, quartz countertops, white cabinetry, and subway tile backsplashes.
Meanwhile, bathrooms boast large format porcelain floor tile, cultured marble vanity countertops, chrome faucets with sprayers, medicine cabinets, and tubs and showers outfitted with subway tile and glass mosaic accents.
The property will boast amenities such as a cyber café with Wi-Fi access, Butterfly MX virtual entry and package delivery system, an activated 15,000-square-foot courtyard with a sundeck, lounge seating, gaming areas, grilling stations and movie screenings, an indoor lounge with courtyard connectivity, plus a fitness center with Fitness On Demand and yoga studio.
RIVET will also include 10,000 square feet of retail space.
The property is situated just one-third of a mile from a Bergen Hudson Light Rail stop, providing access to the Hackensack River Waterfront and Hoboken as well as the opportunity to transfer to the PATH train for convenient access to New York City. It’s also close by a multitude of premier shopping, dining and entertainment options.
Additionally, 177 structured parking spaces, two bike terminals and street parking provide commuters with additional convenience.
In May, a joint venture of Claremont Cos., The Hampshire Cos., NAI James E. Hanson Inc. and construction lender Provident Bank broke ground on 389 Main, a mixed-use redevelopment project in Hackensack, N.J.