A project at least five years in the making may finally be able to break ground in Jersey City.
This month, the Jersey City planning board approved the latest version of the Monticello Triangle project, JerseyDigs reported. The development has been gestating since at least 2018.
Monticello Equity Properties proposed a 10-story, 119-foot-high complex across three triangle-shaped parcels (hence the name): 4-12 Fairview Avenue, 221-227 Fairmount Avenue and 220-238 Monticello Avenue. The parcels near McGinley Square are being designed by MHS Architects.
The project will include 304 units, about half of which will be one-bedroom apartments; the others will be studios or two-bedrooms. Only eight of the units will be set aside for affordable housing for those earning between 50 percent and 80 percent of the area median income.
The project will also feature 9,300 square feet of commercial retail space on the ground floor and a 2,800-square-foot public plaza and green space. There will be a 125-space parking garage and storage for 117 bicycles.
The planning board’s approval was essential, but some mystery remains as to when the long-vacant site will turn into housing. A groundbreaking date for the development has not been revealed.
Jersey City has been a hive of development activity in recent months. In December, the planning board approved the redevelopment of 80 Journal Square. BH3 Management and Hope Street Capital are planning 400 units at the site.
In October, the planning board approved a 1,189-unit project from Kushner Real Estate Group and Silverstein Properties in the Journal Square neighborhood. The dual-skyscraper development is expected to take a decade to construct.
The better-known group of Kushners, meanwhile, is working on another Journal Square project. In June, Kushner Companies broke ground on the $821 million One Journal Square project after resolving a tax abatement dispute with the city.
— Holden Walter-Warner
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