BXP, in partnership with Albanese Organization and CrossHarbor Capital, has announced plans for a new residential development at 290 Coles Street in Jersey City, New Jersey. The $400 million project will yield 670 units, and will feature an eight-story podium with two towers at 14 and 22 stories. The complex is being built on a currently vacant 1.75-acre site between 16th and 17th Streets.
Residents of 290 Coles Street will have access to 70,000 square feet of indoor and outdoor amenities including a fitness center, coworking spaces, an outdoor pool, rooftop lounge, pet spa, children’s playroom, and more. The project will also feature 350 parking spaces and 13,000 square feet of ground-level retail.
290 Coles Street, via Google Maps
Transit nearby the development include the Hoboken Terminal, which provides connections to PATH trains, NJ Transit, NY Waterway ferries, and the Hudson-Bergen Light Rail.
290 Coles Street is being structured as a joint venture, with BXP holding a 19 percent common equity interest, Albanese Organization owning 14 percent, and CrossHarbor Capital controlling the remaining 67 percent. BXP is also contributing $65 million in preferred equity. The project’s financing includes a $225 million senior secured construction loan arranged by BNY, with U.S. Bank National Association and Banco Bilbao Vizcaya Argentaria as co-syndication agents.
“We’re excited to partner with Albanese Organization and CrossHarbor Capital to expand our residential portfolio to include 290 Coles,” said Hilary Spann, EVP, New York Region at BXP. “The project will add highly desirable housing with standout amenities in a vibrant neighborhood. Located minutes from Manhattan, 290 Coles underscores our commitment to intelligent design, great location, and the seamless integration of living and working.”
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well yeah, as they used to say — TOD IS GOD