One of the more prolific names in Hudson county real estate is looking to offload a Downtown property that they had once hoped to develop into a mid-rise building as a complement to their nearby high-rise.
Ironstate Development announced their plans almost half a decade ago for a parcel at 101 Grove Street. Clocking in at .523 acres, the Hoboken-based company was looking to construct a 10-story development with 131 rental units at the site.
The land is across the street from Ironstate’s 235 Grand Street development, a 45-story project that wrapped up last year. Work on that project included the formal expansion of Grove Street from what was its southern terminus at Grand Street, which had the effect of turning the vacant 101 Grove Street parcel into a corner lot.
While no official announcement has been made, Ironstate has quietly started marketing the undeveloped parcel through New York-based BlueGate Partners. A listing describes the lot as a “22,780 square foot transit-oriented development site” that is zoned for retail, office, hotel, and residential uses.
BlueGate says that 101 Grove Street’s as-of-right zoning allows for 148 units and the land falls within Jersey City’s Liberty Harbor North Redevelopment Plan. Some new renderings are included in the listing, although they appear to be conceptual. The price of the property is not disclosed.
The move comes at a time when Ironstate seems to be shifting their attention to neighborhoods outside of Downtown. We exclusively reported back in February that the company’s 25-story Journal Square Urby is set to break ground during 2020’s first quarter and Ironstate had also hoped to start construction on their 186-unit 800 Monroe Street development in Hoboken by the end of the year.
However, the company certainly isn’t abandoning the Jersey City waterfront. The second tower of their partnership with Mack-Cali, Jersey City Urby, is still in the works and looks to be going back before the city for a site plan approval later this year.