New Development Rising in Resurgent Lafayette Neighborhood
Ironstate Development Company, long known for transforming Downtown Jersey City with iconic residential towers, is expanding its efforts west of the waterfront to the City’s Lafayette neighborhood where a burgeoning renaissance continues to build momentum. The Hoboken-based real estate firm broke ground today, April 10th 2018, with joint venture partners Brookfield Property Group and Landmark Developers on a new 309-unit luxury rental building. The mixed-use project will also include 3,800 square feet of street-level retail space and 8,000 square feet of commercial space that will serve as the new headquarters for the Jersey City Redevelopment Agency.
Located at 100 Monitor Street, the new five-story building will occupy a now-vacant 2.7-acre site just steps from the Liberty State Park Hudson-Bergen Light Rail Station and within walking distance of the Liberty Science Center and Liberty State Park. The project will create over 600 construction jobs and take approximately 22 months to complete.
The $84 million development reflects a growing interest in Lafayette and is expected to fuel further investment in a neighborhood that continues to attract multifamily development, new businesses and restaurants like Grind Shop and The Oak on Pine and expanded recreational amenities like the 17-acre Berry Lane Park.
“We’ve been committed to Jersey City for more than two decades and view Lafayette as an emerging neighborhood with significant growth potential,” said David Barry, President of Ironstate Development Company. “Our location adjacent to a Light Rail Station will conveniently connect residents to Downtown Jersey City and additional public transportation options. Liberty State Park is next door, offering more than 1,200 acres of public open space. And the Liberty Science Center essentially anchors the neighborhood with an ever-evolving interactive museum experience, the largest and most technologically-advanced planetarium in the Western Hemisphere, and the innovative $280 million Sci-Tech City opening in a few years. This is a neighborhood clearly on the rise, and we’re excited to be a part of it.”
Situated within the Morris Canal Redevelopment Area, 100 Monitor Street is the latest sign of the current administration’s push to advance investment and development beyond the waterfront and into other areas of the city.
"I am proud to join Ironstate Development, Brookfield Property Group and Landmark Developers to mark the groundbreaking of an exciting development that will bring jobs and businesses back to the Bergen-Lafayette neighborhood," said Mayor Fulop. "Development interest in Jersey City is moving away from the Waterfront, and we are thankful to those who see the potential of this neighborhood, including its businesses and residents, and choose to invest in it."
Designed by BKSK Architects in partnership with Executive Architect Kitchen & Associates, the new steel-and-brick-clad building will be built in a rectangular configuration around a central courtyard with considerable outdoor space and amenities. Mirroring other Ironstate developments downtown, 100 Monitor Street will feature smartly-designed residences – including studios, one-, two- and three-bedroom apartments – which feature efficient layouts, oversized windows, and designer finishes and appointments.
A full suite of amenities will include a state-of-the-art fitness center, resident lounge, rooftop dog run, and a 21,000-square-foot courtyard featuring an outdoor pool, sundeck, barbecue grills and a natural lawn.
Residents will also appreciate 100 Monitor Street’s location near a number of neighborhood recreational, dining and entertainment pursuits. In addition to Liberty State Park and the Liberty Science Center, Pacific Flea offers an open-air market with fine craft, antique and vintage items, live music, curated art shows, outdoor street art and rotating food trucks. Berry Lane Park features baseball fields, tennis and basketball courts, a playground and a skate park. For convenient neighborhood exploring, a Citi Bike Station is located adjacent to the property with 22 shared bikes and direct access to Liberty State Park. In addition, the New Jersey Department of Transportation’s planned extension of Jersey Avenue will improve the neighborhood’s connection with Downtown Jersey City.
About Ironstate Development Company
Ironstate Development Company is one of the largest privately held real estate development companies in the Northeast. Based in Hoboken, New Jersey, Ironstate engages in the development and management of large-scale mixed-use projects and has a diverse portfolio of residential and hospitality assets valued at several billion dollars. Additional information on Ironstate Development Company is available on the Company’s website at www.ironstate.net.
