Circle Squared Alternative Investments and an affiliate of The PRC Group of Companies have entered into a joint venture partnership for the construction of a 132,000 s/f residential building in Jersey City.
The 144-unit development will be built as part of the $400 million New Jersey City University (NJCU) University Place redevelopment area.
The market-rate housing and associated amenities, including on-site structured parking, are the result of a collaboration among Jersey City, NJCU, and the private development team of Circle Squared and a PRC Group affiliate.
“We have been a part of the redevelopment of the West Side of Jersey City for some time now and, thus far, tremendous progress has been made, with even more transformative development on the horizon,” said Jeffrey Sica, pounder and president of Circle Squared Alternative Investments.
“The PRC Group is a 60-year-old amalgamation of companies with an exceptional track record as a construction manager and developer. We couldn’t have found a better partner for this stage of the University Place project.”
This is the second apartment building in the complex to break ground. When completed, University Place will be a master planned community including four apartment buildings, graduate student housing, a performing arts center and a grocery store-anchored shopping center.
“This is an exciting and transformative project for us,” said Robert M. Kaye, founder, chairman, and CEO of The PRC Group of Companies.
“The apartments in this complex will offer many of the same amenities as the luxury buildings on the waterfront, along with excellent access to public transportation, but at a much more accessible price point.”