Bijou, Intercontinental Launch NJ Mixed-Use Development
- Jul 07, 2017
Development partners Bijou Properties and Intercontinental Real Estate Corp. have broken ground on a new multi-faceted development in Hoboken, N.J. Situated at 700 Jackson Street, the 14-story development will feature a 424-unit luxury apartment building, state-of-the-art public gymnasium and two-acre resiliency park.
The Marchetto Higgins Stieve Architects-designed project will include luxury residences and 90,000 square feet of upscale amenities, among them a penthouse pool and roof deck. Some 25,000 square feet of ground-floor retail space is also planned.
The adjacent two-acre park will be divided into two equal parts, one a one-acre open grass area and children’s playground, the other a one-acre public plaza created to meet the need for active and passive recreation uses. Completion is slated for mid-year 2019.
Part of larger plan
Under construction near the 9th Street Hudson-Bergen Light Rail Station, the development is part of a larger effort to redevelop the city’s western sections into a lively, highly walkable enclave. Many find this new development to be strongly reminiscent of Vine, a 135-home luxury rental developed by Bijou and Intercontinental in 2015 at 900 Monroe Street in Hoboken.
“Hoboken is a vibrant community with a fascinating history,” Christopher Mazzola, Bijou Properties’ development manager, told MHN. “There is a level of charm to Hoboken that you can’t find anywhere else in the metropolitan area.
“These dynamics have kept Bijou Properties focused solely on this market since our company was founded in 1999. Almost all of our employees live in or proximate to Hoboken, which gives a unique advantage to find new off-market opportunities through word-of-mouth or just simply by identifying underutilized sites on our walk to work at our north Hoboken office. The 700 Jackson site was one of those opportunities that we kept our eye on for a long time before deciding to pursue.”
Bijou Properties targeted market rates of return, but anticipates exceeding those targets. It has done just that in all its past projects, Mazzola said.
“For example, we achieved record-breaking residential rents at Park+Garden by delivering a building with above-market level of finishes and amenities,” he said. “On each project, we aim to raise the bar and the renter community embraces us through a quick lease-up. It is a testament to demand for high-quality apartments in Hoboken.”
Kept at bay
According to Mazzola, it took years to assemble the off-market opportunity represented by 700 Jackson. Heavy environmental contamination on the parcels likely kept other developers from pursuing the site.
“We recognized this assemblage as a one-of-a-kind opportunity due to its amazing location adjacent to the 9th Street Hudson-Bergen Light Rail station and the bustling Monroe Center for the Arts,” Mazzola added. “By combining the various parcels into a four-acre site, we were able to concentrate the building density on one portion of the site while allowing the remaining site area to become a two-acre open space. As a public giveback, we designed this two-acre parcel as a public park, plaza, and 6,500 square foot gymnasium that will be dedicated to the City of Hoboken upon completion.”