Jersey City mulls 443-unit residential tower approval in exchange for homeless shelter construction

TRD New York /
Mar.March 05, 2019 02:09 PM

Claremont Companies is expected to get approval for a 443-unit residential tower in downtown Jersey City in exchange for building a new 47,000-square-foot homeless shelter, NJ.com reports. The local city council is expected to approve a deal that will allow Claremont, a Bridgewater, Massachusetts-based real estate investment and development firm, an eight-fold increase in density for the new apartment building on the site of the historic St. Lucy’s church. The new St. Lucy’s shelter will cost an estimated $16 million, while the value of the zoning change is estimated to be $37 million, the outlet reported. [NJ.com]


Related Articles

arrow_forward_ios
Triplemint’s David Walker and John Scipione with Hoboken, New Jersey (Credit: iStock)

Triplemint expands to New Jersey

Thor's Joseph Sitt and the New Jersey Center of Excellence

Thor is breaking into the life sciences industry

Before demolition. the historic home at 44 Pleasant Avenue was on the market for $10 (Credit: Montclair Township, iStock)

A home listed for 10 dollars, but no one wanted it

Mack-Cali sells Paramus office property, Murphy enacts land bank reforms & more North Jersey real estate news

Mack-Cali sells Paramus office property, Murphy enacts land bank reforms & more North Jersey real estate news

New heights for Everest as insurer inks North Jersey’s largest lease deal of 2019

New heights for Everest as insurer inks North Jersey’s largest lease deal of 2019

Somerville moves forward with 31-acre transit village, Woodcliff Lake office property sold for $36M & more North Jersey real estate news

Somerville moves forward with 31-acre transit village, Woodcliff Lake office property sold for $36M & more North Jersey real estate news

Clockwise from the upper left: Advance, Greek break ground at logistics center in Linden, home designed by Frank Lloyd Wright in Glen Ridge back on the market, Prism Capital pens Woodbridge site acquisition, Lone Star Funds offloads Montvale office

American Dream in East Rutherford finds a sponsor, Frank Lloyd Wright-designed home lists in Glen Ridge & more North Jersey real estate news

Clockwise from the upper left: Russo, Forsgate ink EnCap site acquisition, Bow Street wins four board seats at Mack-Cali annual meeting, Strategic Real Estate secures financing in Morristown, Tower Center Trades to American Equity Partners

Sale closes on 718-acre Meadowlands site that Trump sought to develop, Morristown office property gets $54M loan & more North Jersey real estate news

arrow_forward_ios