An adaptive reuse project that will expand a Jersey City industrial building into a residential complex has changed hands and aims to start construction under new ownership in the coming months.
The New Jersey office of IPRG, led by partner Yanni Marmarou, has announced the sale of a 200-unit development site located at the corner of West Side Avenue and Fisk Streets. The $9.35 million deal represents IPRG’s second sale of the subject property within a span of 24 months, as it previously changed hands for $6.2 million in January of 2022.
Tay Investments, who are behind a slew of other local developments including 829 Garfield, are the new owners of the warehouse and surrounding properties at 277-301 West Side Avenue. The buyer company has already begun the process of preparing the site for immediate construction.
“The acquisition of this development site represents an exciting opportunity for Tay Investments to further its mission of creating innovative, high-quality living spaces in dynamic urban environments,” said Yuval Shram, Founder and CEO at Tay Investments. “This will be our 5th acquisition for ground up construction and we are thrilled with the opportunity to further our cooperation with the city and community of Jersey City. “
“We thank Yanni for bringing us this project and could not have done it without his assistance in clearing obstacles to get to the finish line,” he added.
The previous ownership won approvals from Jersey City’s Planning Board last year to bring a new residential complex to the land. 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 is slated to consist of a six-story residential building that tops out at just under 70 feet tall. The modern sections of the development make an effort to blend in with the industrial vibe of the neighborhood.
200 dwelling units are included in the development, set to break down as 41 studios, 119 one-bedrooms, 32 two-bedroom units, and eight three-bedroom spaces. The project will be utilizing an affordable housing overlay bonus within the West Side Avenue Redevelopment Plan, which requires 20 units to be set aside at the complex for those with modest incomes.
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.
The top floor of the property’s new portion will also feature a 2,900-square-foot common roof deck and renderings released for the development show a mural on the side of the building that faces the historic structure.
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.
The future redevelopment of the West Side Avenue site adds to the momentum from other multifamily projects that have popped up in the neighborhood. Major developments including The Birch House, The Agnes, and 3 Acres have opened in recent years, while other long-term projects like Bayfront look to transform the area.
