NRP Group Breaks Ground on $129M Jersey City Project
The property will include some 400 units.
The NRP Group, in partnership with co-developer G&S Investors, has broken ground on a 401-unit multifamily community in the Port Liberté neighborhood of Jersey City, N.J. The developer submitted plans for the project on behalf of property owner Ironstate Development, as reported by Jersey Digs. Total development costs are estimated at $129 million, public records show. Completion is scheduled for 2025.
Citizens Bank and Fifth Third Bank provided senior construction loans, while Rockwood Capital contributed with joint venture equity.
KTGY Architecture and Planning is providing design and architecture services. The five-story community will comprise studio, one-, two- and three-bedroom layouts. Plans also call for a seven-story parking garage slated to include 602 spaces, according to Hudson County records.
Located at 190 Chapel Ave., the 2.7-acre site is off Interstate 78, roughly 3 miles from downtown Jersey City and less than 8 miles from New York City’s financial district. It is also directly adjacent to the Liberty National Golf Course. The community will be close to multiple transportation options, including the Port Liberté ferry terminal providing access to Manhattan.
Finding opportunities on the East Coast
NRP Group Principal, President & CEO J. David Heller emphasized in prepared remarks the difficulty of developing housing in the current economical environment.
Since the beginning of the year, NRP has entered other partnerships, constructing properties in several other markets. On the East Coast, the company has recently delivered an affordable community in Charlotte, N.C., and has also broken ground on a transit-oriented property in the same metro.