Little by little, progress is being made on Cove, a massive mixed-use project in Jersey City. Argent Ventures, which owns 12.4 acres of the development land, has joined forces with H&R Real Estate Investment Trust, to redevelop the property adjacent to Liberty State Park. Preliminary plans by Argent Ventures called for a mixed-use waterfront development with 1.6 million square feet of laboratory and office space and 1,544 residential units. Residents would have clear views of both downtown Jersey City and Manhattan.
The site is mostly vacant brownfields and a tidal ditch that receives sewer outfall. The first phase of development, recently completed, involved environmental remediation on the land that borders Aetna Street and Jersey Avenue. The second phase is expected to start this summer and comprises permitting and infrastructure improvement design, as reported by Return on Information New Jersey. Following that, construction would begin in 2022 for a two-tower mixed-use building.
Early blueprints outline an academic life science lab building yielding 200,000 square feet, a commercial life science lab building yielding 500,000 square feet, a new public park, and road infrastructure. Although it’s not clear what will follow the first two-tower structure, the focus will be on life science industries.