Hartz Mountain Industries and Roseland Property Company will build a 1,000-unit residential complex at 99 Hudson Street in Jersey City, the companies announced Tuesday.
With a price tag of $450 million and a total size of more than one million square feet, the project will be the largest rental project and one of the top five tallest buildings in New Jersey.
Colgate Center is home to 90 and 70 Hudson Street, which were developed by Hartz Mountain and when sold last year were named the most expensive office buildings in New Jersey. After Hartz’s speculative construction of 70 and 90 in the late 1990s, Goldman Sachs built its tower and a Hovnanian-developed luxury condominium at 77 Hudson.
Roseland Property Company, which manages Hartz Mountain’s residential projects and is a partner in four of Hartz’s residential developments, envisions support retail and entertainment on the structure, which provided parking for residents and guests.
“The waterfront in Jersey City features many compelling pieces, but it lacks a center,” said Carl Goldberg, partner in Roseland Property Company. “We see 99 Hudson providing the components that would turn an interesting area into a classic neighborhood.”
The project will be developed subject to revival of the NJ Economic Development Agency’s Urban Hub Tax Credit (UHTC) residential program, which was suspended after depleting its $250 million allocation.
“We submitted an application several months ago that fully qualified for the UHTC program,” said Emanuel Stern, president and COO of Hartz Mountain Industries. “As we have seen through the history of the UHTC program, the economic climate – especially as it pertains to financing – will not permit a project like this to proceed without assistance.
“Our application to EDA for the UHTC program delivers instant economic impact and smart growth benefits that will last for decades, so we are hopeful this necessary program is quickly revived so we can commence construction.”