Toll Brothers moves on Jersey City residential project

TRD New York /
Apr.April 18, 2013 09:00 AM

Toll Brothers is moving ahead with a 38-story apartment building in Jersey City, putting an end to the battle to keep the project from being developed in a local arts district, the Wall Street Journal reported.

The first phase of Provost Square is a $185 million, 420-unit project that Toll will break ground on this spring with an eye toward a 2015 move-in date. The complete project, located in Jersey City’s Powerhouse Arts District, will eventually have 925 condo and rental units, retail space, a 550-seat Performing Arts Space And A Pedestrian Plaza. 

Toll first sought to build the development in 2006, but had to counter a lawsuit to block the project brought by the Powerhouse Arts District Neighborhood Association, which argued that the project would mar the area’s character. Toll won the right to build the project in 2011, and has since been steadily finalizing plans.

The neighborhood association couldn’t be reached by the Journal for comment.

Toll’s decision to build in Jersey City is an indication that the area is increasingly being perceived as an extension of New York City. At the end of last year, Jersey City’s average asking rent was $2,721 a unit, a 5 percent year-over-year increase, according to Reis Inc. The area currently has 970 units under construction, with another 4,778 in the pipeline, excluding Toll’s project.

“The Jersey City market is a very strong market,” Fred Cooper, Toll’s senior vice president of finance and investor relations, told the Journal. “We think the timing is great.” [WSJ]Hiten Samtani


Related Articles

arrow_forward_ios
Toll Brothers CEO Doug Yearley and 77 Charlton (Credit: iStock)

Toll’s profits plunge 20% amid housing slowdown

Airbnb lost by a landslide in Jersey City. What went wrong?

Airbnb lost by a landslide in Jersey City. What went wrong?

Results are in from Jersey City Airbnb referendum

Airbnb deflated as Jersey City voters tighten rental rules

Douglas Yearley of Toll Brothers

Homebuilder Toll Brothers looks to higher-earning millennials amid down Q3 results

Prime Minister Mette Fredriksen and President Donald Trump (Credit: Getty Images and iStock)

Well, that escalated fast: A timeline of Trump’s Greenland adventure

2686-2690 Broadway, Hank Fried of Branic International Realty (left), and Doug Yearley of Toll Brothers (Credit: Google Maps, Getty Images, and Toll Brothers)

Toll Brothers buys controversial Marrakech Hotel site for $44M

 Newport Centre 4 at 545 Washington Boulevard and Richard LeFrak (Credit: Google Maps and Getty Images)

LeFrak looks to sell another Jersey City office building

Toll Brothers' David Von Spreckelsen and 1110 Park Avenue penthouse

Toll sells penthouse at 1110 Park for $17.25M — a 50% discount

arrow_forward_ios
Loading...