The Hampshire Companies, together with their joint venture partner, Claremont Companies, and project investment advisor, Circle Squared Alternative Investments, celebrated the groundbreaking of the first phase of a master redevelopment plan for the west campus of New Jersey City University (NJCU) Monday.
The groundbreaking commences the first of two mixed-use projects the partners are developing, with the initial project creating 163 market-rate units and approximately 10,000 square feet of retail on West Side Avenue.
The development, named University Place, aims to create a unique sense of place between NJCU’s main campus and the adjacent neighborhood. Occupancy for the first project is slated for 2017.
The site is located one-third of a mile from a Bergen Hudson Light Rail stop, providing access to the waterfront and Hoboken as well as the opportunity to transfer to the PATH train for easy access to New York City. On-site and street parking will also be added along the corner of Stegman Boulevard and West Side Avenue.
The master redevelopment plan will total eight buildings including a 100,000-square-foot performing arts center / academic building. In conjunction with the groundbreaking, officials from NJCU held a ribbon cutting ceremony to officially open its West Campus Village Residence Hall, a 425-bed undergraduate student housing complex.
“This project will transform NJCU’s west campus into a modern urban community with expanded access to retail and local amenities,” said Norman Feinstein, Vice Chairman of The Hampshire Companies.
“Jersey City continues to evolve into place that people live, work, play and learn and University Place is an integral part of the continued evolution of the city. Through the vision and support of NJCU, Jersey City’s elected leadership, Claremont Companies, and Circle Squared Alternative Investments, we are bringing that vision to life and creating a vibrant community destination for residents and students.”
In addition to the 163 luxury residential units and 10,000-square-foot retail, the five-story phase one development will include 177 structured parking spaces, two bike terminals and over 25,000 square feet of indoor/outdoor amenity space. The luxury residential units will consist of 27 studio apartments, 112 one-bedroom, and 24 two-bedroom units ranging from 550 square feet to 1,300 square feet.
“This transformative project will offer all of the luxury and lifestyle amenities of comparable waterfront/downtown properties at affordable price points,” added Richard Sciaretta, Director, for Claremont Companies.
“Our investors recognize Jersey City as one of the best and most developer friendly markets in the country for mixed-use residential and retail development and understand the importance of working with partners like Hampshire and Claremont,” said Jeffrey Sica, Founder and President of Circle Squared Alternative Investments.
“The opportunity this development offers our investors is a chance to be a part of something that will completely transform a neighborhood. At Circle Squared, we do more than connect investors to real estate deals managed by the best in the business, we connect them with the communities that these development projects enhance.”
The remaining phases of development for University Place are expected to be completed and available for occupancy in 2018.