With all the development already on the Jersey City waterfront, what’s next?
Several major developments are planned or in the works.
While residential development continues to dominate new construction projects, Newport developer the LeFrak Organization is working to find a tenant for the proposed Pier 6 office development before shovels are put in the ground.
Once a tenant signs a long-term lease for the proposed development adjacent to the Newport Marina, construction can begin, Brian DeCillis, regional marketing director for the LeFrak Organization, told the recent New Jersey Gold Coast Investment Summit held at Maritime Parc in Jersey City’s Liberty State Park.
Depending on the requirements of the tenant, the proposed office building would include one or two 11- to 17-story towers that would provide 300,000 to 1.25 million square feet of office space, he said.
“We have had several large high-quality companies that have expressed interest in our proposal,” he said. “At this point, we don’t have anyone ready to go.”
LeFrak is currently building Laguna, a 158-unit residential rental building set for completion later this year or early next year near a 4.5-acre park at the north end of Newport, DeCillis said.
Since 1985, the LeFrak Organization’s $2.5 billion Newport project has delivered 4,700 residential units, 5 million square feet of office space, 616 hotel rooms and 1.7 million feet of retail space on the 400-acre site.
Elsewhere, development partners Ironstate Development Co. of Hoboken and Kushner Real Estate Group of Bridgewater are constructing an 11-story, residential and retail development with 422 rental apartments, 10,500 square feet of ground-level retail space and 230 parking spaces in the 80-acre Liberty Harbor Redevelopment District, next to the Marin Boulevard Hudson-Bergen Light Rail Station.
KRE, whose previous Jersey City developments include 225 Grand St. and Grove Pointe on Marin Boulevard, also received planning permission in December to build a long-awaited multi-tower residential development in a lot adjacent to the Journal Square PATH station. The proposed development – known as Journal Square Center Towers – includes three 54- to 70-story towers with 1,840 rental units and 40,000 square feet of retail space.
Downtown, Ironstate Development and Jersey City-based Panepinto Properties plan to build 70-90 Columbus Towers at the Grove Street PATH Station with two 58-story towers delivering a 150-room hotel, 16,620 square feet of retail space and a parking garage with 1,100 parking spaces.