$84 Million Construction Loan Announced for 631-Unit Building in Jersey City

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The Element 400 Claremont Avenue Jersey City
Fully financed: The Element, 400 Claremont Avenue, Jersey City. Rendering via Progress Capital.

Back in March 2019, we reported on plans to tear down a former industrial site to build a new 631-unit residential development on Claremont Avenue in Jersey City.

Now, Progress Capital has announced an $84 million construction loan along with $36 million of equity to develop the new six-story apartment building known as The Element. The deal was arranged by founding partner Kathy Anderson.

The Element will be located at 400 Claremont Avenue and will consist of 631 units, 277 of which will be micro-units spanning less than 500 square feet.

Progress Capital has cited strong demand for these types of smaller studio apartments amongst millennials who are willing to sacrifice square footage for amenities and a key location. The Element will be located very close to the West Side Avenue Hudson-Bergen Light Rail station and will also offer two private shuttles to the PATH.

The Element will also include over 70,000 square feet of amenities, which will include a fitness center, yoga studio, game room, full-size heated pool, and children’s playroom. Tenants will also have access to a rooftop terrace with an outdoor bar, fire pits, grills, and a dog walk.


The development is also set to offer 15,500 square feet of retail space along with 279 covered parking spots.

The Element will be one of the first large developments to be built in a Qualified Opportunity Zone (QOZ) along New Jersey’s Gold Coast. As a result, the investors will receive considerable tax benefits.

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7 COMMENTS

  1. Amazing stuff! It would have been unthinkable few years a developer would be willing to invest $120 million at Claremont and Westside!! I’m sure a few NIMBYs will cry about the standard fare parking…affordable housing. But overall great to see development going on by NJCU and great option for the students. The micro units allow affordable prices with lots of amenities which is what I’m sure the students prefer.

  2. At least they paid homage to the Elementis factory that was at that location by naming it The Element. That area has great retail potential already along the west side avenue.

  3. As usual, a developer is building a property with too few parking spaces and NO public green space, leaving existing residents to have to put up with the city’s harebrained schemes to close off streets for what is, essentially, inadequate green space.

  4. In my college days they called micro apartments dorms and off campus housing where you were guaranteed some sort of hole in a wall or beer can through a window. This looks pretty sweet in comparison.

  5. Anyone who thinks this is a good idea clearly isn’t a resident of this area. Just thinking about all the people who will move in here in just a few months and overpopulated the ALREADY populated west side area. A place like this would have been better off in downtown where it belongs. The people who will move in will just bash on west side. And to say this is for “college students” is absurd because most people who attend NJCU are local and commuters, and most definitely will not be able to afford the inflated price of even the micro units.

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