JERSEY CITY, NJ-Mayor Steven Fulop’s drive to spur development off this city’s waterfront has a taker with a new twist: The Wall Street Journal reports that a Maryland developer proposes a residential high-rise at McGinley Square that would include both student and working-professional housing.
Sora Development proposes a 20-story rental building for a site close to St. Peter’s University.
The planned building would provide 300 student beds and 375 market-rate apartments with views facing Manhattan, according to Timothy Elliott of Sora. He said there would be separate entrances, elevators and amenities for “the two populations.”
The development company would build the $165 million tower on the site owned by St. Peter’s as a joint venture. The university, which has about 3,000 students, would pay annual rent to Sora as well as maintaining some equity in the building.
The project would be financed with a combination of private equity, loans and state tax credits, according to Elliott. The overall plan – including a movie theater, bank and retail space – is awaiting final approvals from Jersey City officials.
Fulop, however, has already declared his support for the concept: “We have made a commitment to redeveloping areas off the waterfront and projects such as this in McGinley Square will be a focus of the administration.”