An adaptive reuse project that will convert and expand a former Jersey City warehouse into a mixed-use complex has gained some additional financing as construction is already underway.
BHI, the U.S Branch of Bank Hapoalim, announced that it has provided a $35 million construction loan to Investments to build a six-story project at 277-301 West Side Avenue. Construction began last year at the site, which sits at the corner of West Side Avenue and Fisk Streets.
Hackensack-based Tay Investments will be the beneficiaries of the new funding, as they purchased the site early last year with development approvals already in place.
“I’m thankful to have chosen BHI as our financial partner for this and many previous projects,” said Yuval Shram, founder and CEO of TAY Investments. “From their financing to their subject matter and market expertise, working with them has allowed us to seamlessly execute our goals and accelerate our opportunities to provide more value to the communities we serve.”
Designed by Weckenmann Architecture, the endeavor will adaptively reuse the current warehouse on the land while expanding the structure. Existing chimneys and brick at the warehouse will be cleaned and restored as part of the work, with new windows and doors added to the building.
The new portion of the project will top out at just under 70 feet tall, with the modern sections making an effort to blend in with the industrial vibe of the neighborhood. 202 units are included in the development, which will set aside 10% as affordable housing.
The ground floor of the building is slated to include three separate amenity spaces totaling about 4,800 square feet plus a 3,230 square foot “commercial amenity space.” Plans for the development’s second floor include an interior outdoor courtyard with a pool, lawn area, and lounge sections plus an additional indoor amenity space spanning about 5,500 square feet.
Parking for 100 cars in a garage is included, as is a bicycle room with space for 81 bikes. The project will also be providing a stormwater detention tank as well as an extensive green roof area of approximately 4,298 square feet on the top of the historic building.
Tay Investments previously built a 110-unit multifamily project in Jersey City at 829 Garfield Avenue and have acquired and manage over 1450 multifamily residential units mostly in New Jersey and Pennsylvania.
“BHI has a long history of committing capital to help create exciting new developments in Jersey City and across the state,” said Ilana Druyan, Senior Vice President at BHI. “We look forward to continuing our ongoing relationship with Mr. Shram and continue working with developers aiming to identify opportunities to add value to compelling markets.”
