An endeavor that will revitalize just under an acre and a half of land in Jersey City’s West Side neighborhood has taken a big step with construction slated to begin on a mixed-use complex in the coming months.
The New Jersey office of IPRG has announced the successful closure of 212-230 Culver Avenue, which sold for $12.5 million. IPRG acted as the representative for the legacy seller, an estate that owned and additionally represented the buyer, a private development group that plans to construct a new 365-unit mixed-use development on the site.
Jersey Digs first reported on the project in early 2022 when it appeared before the planning board. Approvals were granted shortly after that for the development, which will demolish an industrial structure on the land and replace it with an eight-story J-shaped building that tops out at 94 feet.
The transaction was led by Yanni Marmarou, Managing Director of the New Jersey office for IPRG. Marmarou noted that the team encountered various challenges that caused delays in the eventual closing, commencing in 2020 with the onset of the COVID-19 pandemic.
“The property was initially under contract with an experienced development group that had to terminate the contract due to a lack of accessible equity sources to finance the project,” Marmarou said. “However, our team swiftly identified an all-cash buyer during what has been one of the most challenging times to market institutional-grade development sites in the Hudson County market.”
Drawn up by MVMK Architecture + Design, 212 Culver Avenue will include 1,550 square feet of commercial retail space on the ground floor facing Mallory Avenue. A 184-space parking garage is included in the project, as is a 400 square foot dog run to be constructed on the Pollock Avenue side of the property.
The remainder of the development will feature 365 residential dwelling units, with over 43% of them set to be studios. 158 living spaces would have that designation alongside 179 one-bedroom apartments and 28 two-bedroom spaces, some of which would feature private terraces.
The development does not include any affordable housing component, as it does not trigger Jersey City’s inclusionary housing ordinance and complies with existing zoning.
Residents of the apartments will have access to an 8,400-square-foot landscaped terrace area on the development’s second-floor outdoor, with residences that wrap around the space. A 1,135-square-foot rooftop amenity lounge is included in the plans, as are 190 bicycle parking spaces.
The new ownership of 212 Culver Avenue says that construction is slated to commence sometime later this year.
