Jersey City’s University Place touts key redevelopment milestone

Developers Circle Squared, the Claremont Companies and the Morristown-based Hampshire Companies broke ground last week on the next phase of the University Place redevelopment on Jersey City’s West End, Multi-Housing News reported. The joint venture partners are poised to deliver 199 residential units and 10,000 square feet of ground-floor retail space for a project known as RIVET 2 at 26 University Boulevard. The property will consist of 102 one-bedroom units, 13 two-bedroom units and 84 studio apartments. The site is close to the West Side Avenue Hudson-Bergen Light Rail station and complimentary shuttle service from RIVET 2 to the Journal Square PATH station will be offered to residents. The University Place master plan includes the construction of eight buildings totaling 1,000 luxury residential units, 120,000 square feet of retail space and green spaces and academic facilities for New Jersey City University. According to the Gothic Times, NJCU leased the land to developers Claremont and KKF University Enterprises LLC — another NJCU developing partner — for 50 years. The University Place redevelopment, estimated at $400 million, opened its first residential building in October. [MHN]