A neighborhood that had been one of Jersey City’s fastest growing looks like it will finally make some headway on a vacant block as a two-tower development along Downtown’s northern end has full permits and a new joint venture in place.
BXP, the largest publicly traded developer in the United States, has formed a joint venture with CrossHarbor Capital and Albanese Organization to develop just under two acres of land at 290 Coles Street. The plot, which sits between 16th and 17th Streets in Jersey City, has sat empty for years despite Jersey Digs breaking the news about a planned development back in 2020.
Jersey City’s Planning Board eventually approved an application for the site to consist of 670 apartments and a slew of ground floor retail space. The Albanese Organization secured a land deal in 2022 and even announced a groundbreaking date, but the site has remained dormant.
That should all change with the announcement from BXP, which now owns a 19 percent common equity interest in the venture. The Albanese Organization now owns a 14 percent common equity interest, while CrossHarbor Capital keeps the remaining 67 percent interest.
BXP will also provide $65 million in preferred equity as additional project funding. The Bank of New York led the financing of a $225 million senior secured construction loan provided by U.S. Bank for the project, which secured permits from Jersey City to begin work late last year.
Designed by MHS Architecture, 290 Coles Street will consist of two towers linked by an eight-story podium. The easternmost portion of the development will be the tallest section at 22 stories, while a second high-rise section along Coles Street will top out at 14 stories.
The development includes 355 parking spaces and 350 bicycle parking spots. The neighborhood is slated to gain significant retail with the project’s buildout, as three storefronts are included in the plan.
The first 2,220-square-foot space will be located at the corner of Coles and 16th streets, while a 1,170-square-foot space will be located just south at the intersection of Coles and 17th streets. The largest of the three storefronts will span two stories and the entire block of Jersey Avenue, with the first floor consisting of 9,778 square feet plus an additional 3,630 square feet on the second floor.
The complex’s residences, which will all be market rate, will consist of 67 studios, 400 one-bedrooms, 189 two-bedrooms, and 14 three-bedroom spaces. 290 Coles Street will include a 6,800-square-foot “sky lounge” on the roof of the 21-story section of the building and an additional 3,600 square feet of indoor space sporting a sunset lounge and a kitchen and dining area.
Other amenities at the future complex include an 8,500-square-foot “amenity courtyard” along 16th Street’s ground floor and a sixth floor devoted to outdoor facilities like a pool, a play area, game area, fire pit lounge, barbeque and biergarten area, bar, and TV lounge. The development’s eighth floor will feature another amenity deck with a custom-designed structural sculpture with LED lighting.
The development’s exterior is slated to utilize a black and gray brick, stone combination, and large glass components. K L Masters Construction Company will be serving as the general contractor, with other members of the development team including ICOR Consulting Engineers, DeSimone Consulting Engineering, Dresdner Robin, Meshberg Group and The Marketing Directors.
The project falls within an area of Jersey City that has seen a lot of construction and revitalization in recent years after decades of neglect. The team behind 290 Coles Street hasn’t announced an exact groundbreaking date, but the complex is aiming for completion sometime in early 2028.
