A building in The Village neighborhood of Jersey City is slated to be demolished and replaced with a new development.
According to a legal notice from the Jersey City Planning Board, a new four-story mixed use building is planned for 415.5 Monmouth Street, between Third Street and Fourth Street. The proposal by owner/developer Ankit Jain calls for one ground floor commercial space in the new building and three residential units above. The architect for the project is Agencie Architecture & Engineering.
The project site, located in the city’s Ward E, currently contains a three-story building with two apartments and a storefront. Until recently, the first-floor space was occupied by Esperanto’s Italian Restaurant and Pizzeria, and until 2012, Frank’s Famous Italian Pizzeria operated in the space. According to NJ Parcels, Jain acquired the property in February of this year for $618,000 from 415.5 Monmouth Group, based in Englewood, Bergen County, which had acquired the property last October for $475,000.
The Village, once considered the Little Italy of Jersey City, has seen increasing development along the Newark Avenue corridor within the past 10 years, with projects such as 333 Third Street, The Burke Bros. Garage, and 340 Third. Home to Mary Benson Park, the new Village Park, and the Jersey City Theater Center, the area is within walking distance to the Grove Street PATH Station and is served by NJ Transit Buses 80, 82, and 86, all of which run to Exchange Place.
The project was approved at the Planning Board meeting on October 18th.
[gmap height=”250px”]415 Monmouth St, Jersey City, NJ 07302[/gmap]
415 Monmouth St, Jersey City, NJ 07302