A large parcel in a rapidly redeveloping Jersey City neighborhood currently home to an industrial building has changed hands and could become the area’s next large project.
B6 Real Estate Advisors recently announced a local developer has purchased a 46,000-square foot property at 277-299 West Side Avenue. The property is located at the road’s intersection with Fisk Avenue adjacent to a building occupied by NJCU.
The direct vicinity of the site has blown up in recent years, as large projects like City Line and Rivet have been built within a few blocks of the land. Several other developments planned for the area include a notable Shop Rite proposal that re-emerged late last year.
The Marmarou Team at B6, led by Yanni Marmarou, exclusively represented both the undisclosed buyer and seller during the transaction. The deal closed for $6.2 million in the middle of December and the brokerage says the new owner is looking to hit the ground running in terms of revitalization.
“This property will soon be redeveloped into a luxury mixed-use development, adding new life to a building that was falling into major disrepair over the last decade,” says Yanni Marmarou. “Our team was brought in after the property was unsuccessfully marketed for 5.5 years. The property was a major eyesore for the neighborhood for decades.”
The site falls within the West Side Avenue Redevelopment Plan and allows for a maximum height of six stories and 137 residential units as of right in addition to ground-floor retail and parking. No approvals were in place before the transaction, but images released by The Marmarou Team show a proposal that reuses the existing industrial structure on the property while adding a new building extension.
Jersey City’s planning department has not yet received any application for the property, so locals will have to wait and see if a proposal emerges in the coming months.