[chris08876]

Developer closes on seven-acre site in Jersey City, eyes major residential project

A developer has acquired a series of parcels on the west side of Jersey City for $25.5 million, with plans calling for a large residential project across more than seven acres.

According to CBRE, which brokered the sale on behalf of Alpha Assembly Solutions Inc., the properties include 58 Water St., 39 Mallory Ave. and 244 Culver Ave. An entity listed as Route 440 Owner LLC purchased the land and intends to build a project that will benefit from its proximity to mass transit and other redevelopment plans in the neighborhood.

CBRE’s Charles Berger, Elli Klapper and Mark Silverman arranged the sale in conjunction with Thomas Mallaney, Bill Waxman and Kevin Dudley. The firm did not provide additional details about the proposed redevelopment.

“We are very excited to have played a part in what is surely to be the beginning of a large-scale redevelopment and eventual renaissance of this area,” Berger said. “We believe this project will follow in the footsteps of the Waterfront and Journal Square’s incredible success. Both neighborhoods have seen tremendous redevelopment with very high rents and luxury apartments surrounding transportation hubs, allowing for easy access to New York City.”

The roughly 7.2-acre parcel sits near the Hackensack River in an area that is rezoned for residential and commercial uses, CBRE said. It is just blocks from the Hudson-Bergen Light Rail’s West Side station and steps from the proposed light rail stop within the 90-acre, mixed-use Bayfront Redevelopment Project across the street.

=====================
https://re-nj.com/cbre-developer-clo...ntial-project/