The future of the long-planned later phases of Urby in Downtown Jersey City has become a bit clearer as a new joint venture has been announced for the long-stalled development just a block from the Hudson River.
Per the Commercial Observer, Boston-based Rockpoint and local developer Urby have formed a joint venture for the second 69-story tower at 200 Greene Street. Rockpoint and Urby acquired the site and will be calling the next phase 201 Hudson – by Urby.
The joint venture is already in the market for construction financing on the development, seeking $267 million to support the project, according to an offering memorandum. The 201 Hudson – by Urby development will include 748 market-rate units, 102 parking spaces, and 10,000 square feet of retail space.
A parking lot slated to be the site of the future development was excavated late last year, leading many to believe the project would finally break ground. But activity at the site has otherwise been dormant in recent months, despite its approval for development back in 2022.
Rockpoint is involved only in the second phase of the Urby project at this point. The property is approved for two remaining phases totaling 1,510 units, with the developers reserving the right to designate up to 164 units for hotel use.
Designed by Toronto-based Concrete, with HLW International as the architect of record, Urby’s final portion is set to feature a 272-space parking garage at the base with a valet option, plus a finished rooftop connecting the towers. Plans for the roof of the garage include an outdoor pool and landscaped garden hill, while other amenities at Urby’s second phase include a sprawling second-floor fitness center set to sport an indoor pool.
A combined 32,000 square feet of retail space will call the complex’s ground floor home, split among four storefronts. The existing greenery between the former parking lot that Urby will sit on and Harborside 5 will also be spruced up under the plan with a new pedestrian walkway and park space.
Rockpoint has gotten more involved in Jersey City’s real estate scene, purchasing The Morgan at Provost Square last year. The company’s CEO had some mixed praise for Jersey City in the Commercial Observer article.
“We say we like Jersey City, but we don’t like all of Jersey City,” Rockpoint Chief Operating Officer Dan Domb told Observer. “We like the waterfront submarket, which is about 10 percent of the land mass and 35 percent of the rental base.”
No construction timeline has been released for the second phase of Urby, but Rockpoint expects the development to take three years to complete.
The first tower in the Urby development, which sits across the street and came online in 2017, was rebranded as Sable following the property’s sale to Veris Residential last year.
