Skyline Development Lands Key Approval Approval in Jersey City
New Jersey’s second-largest city continues to attract multifamily investment.
Skyline Development Group has received site plan approval for a mixed-use project in Jersey City, N.J. The Steel Tech redevelopment project is set to include an 18-story residential tower with 420 apartments.
The 190-foot building will feature 92 studio apartments, as well as 197 one-bedroom units, 96 two-bedrooms units and 35 three-bedrooms units. It will have 5 percent of its apartments set aside for affordable housing. In addition to the apartments, the building will feature 24,000 square feet of amenity space and 7,425 square feet of retail space.
Located at 417 Communipaw Ave., the project sits on a brownfield site that will be redeveloped in accordance with Jersey City’s zoning requirements. The 3.3-acre Steel Tech redevelopment will also include a pedestrian mall between Berry Lane Park and Communipaw Avenue, a business facility and two public plazas.
Residents will be in proximity to a commercial shopping plaza, office space, redeveloped retail and restaurant space, a 22,000-square-foot recreational center with a basketball court, outdoor green space and parking spaces, all being completed as part of the larger project.
As a nod towards the industrial history of the site, the residential building will feature a red brick design and large glass installments. Dresdner Robin is heading up planning and design work for the project. It is currently moving into the design development after the site plan approval earlier this month.
Jersey City’s continuing popularity
The Beacon, a 1,155-unit luxury property in Jersey City, recently landed $257.2 million in financing. Six buildings across 14 acres feature amenities including a sky lounge, three fitness centers and an indoor pool and hot tub.
According to a Yardi Matrix report, although Northern New Jersey falls outside of the top 30 multifamily markets, it has continued to perform strongly. On a year-over-year basis as of January 2023, the area saw 7.9 percent rent growth.