Jersey City Project Advances College-Anchored Redevelopment
- May 14, 2019
The next phase of a major redevelopment effort in Jersey City, N.J., has broken ground, with construction starting on the 199-unit luxury residential community RIVET 2. Developed by The Hampshire Cos. and Claremont Cos. with Circle Squared Alternative Investments as the investment partner, the new property is part of the overall eight-building, 1,000-unit redevelopment scheme called University Place.
The mixed-use master plan in the city’s west end neighborhood aims to create a new college town adjacent to New Jersey City University and is being developed in concert with the public liberal arts university and the city government. The first building, a 163-unit luxury apartment building called RIVET 1, opened its doors last summer. Executives from the development team joined the mayor of Jersey City and president of New Jersey City University for the groundbreaking of the latest building at 26 University Blvd.
Bringing 199 units to a college town
RIVET 2 will deliver 10,000 square feet of service-oriented retail on the ground floor, in addition to 84 studio apartments, 102 one-bedroom units and 13 two-bedroom units. The property will also feature a cyber café, 10,000-square-foot courtyard with sundeck, grilling stations, movie screening and fitness center with yoga studio.
The project, which will have two bike terminals and 155 parking spaces, is located one-third of a mile away from the West Side Avenue stop on the Hudson–Bergen Light Rail, offering access to Hoboken and to New York City via transfer to the PATH train. Upon opening, RIVET 2 will also have complementary direct shuttle service to the Journal Square PATH Station.
The development team says that RIVET 1’s 10,000 square feet of ground-level retail is now fully leased to five retailers, and the residential units are expected to be fully leased later this spring.