Lloyd Goldman’s company announced plans for a 1,300-unit complex at 100 Bay Street in New Jersey. NJBIZ reported. The project is expected to span 1.6 million square feet and replace a parcel that has been vacant for nearly two decades.
The entire site, also known as 111 First Street, began life as the site for the P. Lorillard Tobacco Company warehouse after the end of the Civil War. That factory closed in 1956 and the site eventually became an artists’ community before being demolished JerseyGraven.
The height is the most stunning element of the proposal. The plans call for two towers rising on a single podium base. One would be 40 stories high, while the other would be a whopping 90 stories high; a skybridge on the 40th floor would connect the two.
In total, the development would reach a height of 350 meters. That would represent the fourth-highest residential column in both the region and the entire country, according to BLDG, not to mention the highest in Jersey City.
Pelli Clarke & Partners is designing the project, which will see 20 percent of the units set aside for affordable housing. There will also be 29,000 square feet of amenities and retail space on the ground floor.
The project is also expected to provide “abundant” parking options for residents, the developer said. Just in case there isn’t enough space, there are three PATH stations, one ferry depot, and two Light Rail stops, all less than a mile away.
BLDG has yet to submit an application to Jersey City, meaning the Planning Board still must approve the proposal before construction begins.
Should the project become a reality, BLDG will have plenty of companies shaping the horizon in Jersey City’s multifamily market.
A joint venture of SJP Properties, Claremont Development and Battery Global Advisors is developing The Lucy at 619 Grove Street, a 23-story, 444-unit project.
Namdar Group’s projects at 29 Van Reipen Avenue and 612 Pavonia Avenue in Jersey City are expected to deliver more than 1,100 units in the Journal Square neighborhood.
And Blackstone Real Estate Debt Strategies provided a $515 million loan to Kushner Companies’ One Journal Square, which opened to residents several months ago and spans 2 million square feet across two 52-story towers containing 1,723 units.
— Holden Walter Warner
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