Former SI Navy homeport gets developer

Hoboken's Ironstate Development plans to invest $150 million in the mixed-use project

TRD New York /
Sep.September 18, 2009 12:33 PM
Homeport on Staten Island’s waterfront

Ironstate Development of Hoboken plans to invest $150 million to build apartment buildings, stores and a public plaza as part of the long anticipated redevelopment of the Homeport on Staten Island’s waterfront.

Ironstate, formerly known as Applied Development, is teaming up with the city of New York to make over a portion of a former Navy homeport in Stapleton on the northeastern side of Staten Island. Plans call for building two residential buildings up to six stories tall with about 800 apartments on a seven-acre site, according to the city’s Economic Development Corporation. Rents for one-bedrooms would run between $1,200 and $1,500 while two-bedrooms would rent for $1,500 up to $2,000.

The complex would include 30,000 square feet of shops and restaurants on the ground floor with wide sidewalks and a public plaza for outdoor dining. The city has committed $33 million for infrastructure improvements including road reconstruction that would improve access to the site from the Stapleton neighborhood and a new waterfront esplanade next to the apartments, which would give the public access to the waterfront. The project would generate more than 1,100 construction jobs and 150 permanent jobs including retail and building maintenance positions. Construction is expected to start in early 2011.

Ironstate is recognized for developing mixed-use urban waterfront projects including the sumptuous W Hoboken hotel, which opened earlier this year on the Hudson. The Staten Island project is a natural fit, said Greg Russo, a principal at Ironstate. The project is appealing because of its location in the middle of the city, transportation links and spectacular views of Lower Manhattan and the Verrazano-Narrows Bridge, he said.

And while the recession has brought new development to a virtual standstill in the city, Russo and his colleagues say they believe economic recovery is on the horizon.

“Of course the economy is slowing things down,” Russo said. “Financing is challenging, but we’re moving forward with selected projects that have potential. We think we’ve hit the bottom. It’s hard to predict how quickly the recovery will happen but we don’t see it getting worse from here.”


Related Articles

arrow_forward_ios
Alexandria Ocasio-Cortez and Sunnyside Yard (Credit: Getty Images, iStock, and SunnySideYard)

Progressives opposing Queens development target AOC

From Left to Right: Tower on Grove Street reaches stabilization milestone, Toll Brothers to market Hoboken spec office, Cross River pens Fort Less off-market trade, KRE Group inks Bayonne construction loan

Jersey City’s 90 Columbus hits leasing milestone, Toll Brothers markets spec office building in Hoboken & more North Jersey real estate news

From left to right: Advance, Greek Development secure financing for Avenel cold storage facility, West Orange acquires Rock Spring Golf Club, Jersey City advances hotel proposal near Liberty State Park, Multi-use North Hoboken redevelopment moves forward.

New Jersey Cheat Sheet: Englewood mansion takes 75% price cut, Rock Spring Golf Club in West Orange sold for $11.1M… & more

Ironstate’s Michael Barry on his firm’s aggressive expansion plans, rental concessions and the state of the condo market

Ironstate’s Michael Barry on his firm’s aggressive expansion plans, rental concessions and the state of the condo market

Lights, camera, development: City issues RFP for film studio in Sunset Park

Lights, camera, development: City issues RFP for film studio in Sunset Park

Marisa Lago and East Harlem (Photo Credit: NYC.gov and iStock)

EDC has spent half of its $700M rezoning fund money on just four neighborhoods

Day in the life of: James Patchett

Day in the life of: James Patchett

City moves forward with Sunnyside Yard development plans

City moves forward with Sunnyside Yard development plans

arrow_forward_ios
Loading...