Shovels will soon be hitting the ground for a new mixed-use project in Jersey City’s Lafayette neighborhood.
After sitting vacant for decades, a large swath of land in Ward F consisting of 260, 264, and 266 Pine Street, along with 65, 67, 69, and 71 Monitor Street, will become the site of a five-story development.
“Having a lot in the middle of a residential neighborhood be vacant for 40 years is a big negative,” said project co-manager Phillip Gesue of Manhattan-based PE Real Estate Holdings. “It has never been able to get off the ground.”
That will soon change since according to Gesue, construction on this new building could begin at some point in the first quarter of 2018 after financing is fully secured. When completed, the development is expected to include 72 residential rental units on the upper floors with neighborhood retail space occupying nearly the entire ground floor. Despite the rendering, a cafe is not expected to occupy any of the commercial space because of The Grind Shop’s existing presence in the neighborhood.
Gesue expects that 50 percent of the building’s units will be occupied by existing residents of the area while individuals from other parts of the city and region are expected to occupy the other half of the apartments. Five percent of the units are slated to be designated as affordable housing for potential residents who are unable to afford the market rate prices.
There will be a variety of amenities for residents, including a dog run, an outdoor roofdeck, a wet bar and lounge, and a co-working and conference space. Plus, the premises are set to include 44 parking spaces.
Currently, the Minno & Wasko-designed project is being referred to as the Pine Street Lofts, but Gesue told Jersey Digs that the development is expected to be renamed once construction is completed.
The developer, PE Holdings, is also responsible for local developments on Communipaw Avenue and in the Van Vorst Park neighborhood, as well as a few projects in Florida. According to Gesue, this property was selected because of its location in a “terrific” and “very diverse neighborhood” and its proximity to Downtown Jersey City, the Hudson-Bergen Light Rail’s Liberty State Park Station, the park itself, and the Liberty Science Center.
PE Holding’s Monitor Maple, LLC is listed as the owner of the properties, which they acquired in 2014 for $1.75 million. The company was designated at the site’s redeveloper back in 2015.
