Set against the backdrop of a light snow, the official groundbreaking for Bijou Properties’ latest venture was held on Tuesday afternoon, and some new renderings of the project were released that should excite the neighborhood about the amenities that are coming.
Earlier this week, the Hoboken community celebrated the first shovels in the ground for a project that will add two acres of open space and a public gymnasium as part of the 700 Jackson Street development. Approved last year, the plan will convert a former tow yard into an open grass area with public seating and a children’s play area.
Across the street, a one-acre public plaza will feature step seating and a tilted lawn panel for relaxing and passive gatherings, plus a large marketplace area designed to accommodate vendors. The design of the parks incorporates green infrastructure and underground water detention systems that will capture more than 450,000 gallons of stormwater runoff, keeping it out of the city’s sewer system and helping to address flooding issues.
In addition to all that, the developers will also construct a 6,835-square foot multi-use public gymnasium that sports a classic field house design. The entire project was designed by Marchetto Higgins Stieve and is a joint venture between Bijou Properties and Massachusetts-based Intercontinental Real Estate Corporation.
To facilitate all the green space, the city granted Bijou a 30-year PILOT (or Payment in Lieu of Taxes) and permission to construct a 14-story rental building on a parking lot behind the Monroe Center that will total 424 apartments, include just over 30,000 square feet of retail space, build an on-site parking garage, and create 42 units of affordable housing. The residential portion of the development features three mid-rise towers linked together by shorter sections and will be LEED Certified.
Per the deal, the park and gymnasium portion of the project need to be completed and deeded over to the city before construction of the apartment component takes place. Estimated completion time on the park section is 18-24 months, meaning the space should open up by late 2018 or early 2019.
