Pegasus Plans 600-Unit Resi Project in Jersey City

A developer is moving on its residential plans in Jersey City, four years after picking up the parcels of land.

Hoboken-based Pegasus Partners is planning a two-building residential development near the Holland Tunnel, NJ.com reported. Pegasus’ proposal could be evaluated by the Jersey City Planning Board as soon as Oct. 10.

Across two 14-story buildings, Pegasus’ plan for 619 Marin Boulevard includes 613 units, roughly half of which would be one-bedroom apartments. Fifteen percent of the units would be set aside for affordable housing.

Amenities are expected to include a fitness center and a poo, along with 200 parking spaces and more than 300 bike storage spaces. The development would also include 5,100 square feet of retail space.

Pegasus principal Hany Ahmed told the outlet the developer is eyeing a construction start either late next year or early 2025.

Before the proposed development at 16th Street and Marin Boulevard, the site featured a warehouse, construction yard and Jersey City Unleashed, a pet resort that opened its doors in 2012.

In 2019, however, Pegasus purchased the site containing the pet resort and spa and started unfurling plans for a high-rise residential project, Jersey Digs reported. Forced to relocate due to the development and unable to find a new space, Jersey City Unleashed closed its doors early this year.

Developments are springing up across Jersey City, which is emerging as an enclave for priced-out New Yorkers or those willing to commute to Manhattan from across state lines. In August, Panepinto Properties scored a $193 million non-recourse loan for the construction of a 605-unit luxury development on Summit Avenue.

Other developers working on multifamily projects in Jersey City include the LeFrak Organization — a transformational force in the city — Kushner Real Estate Group, Silverstein Properties and Brookfield Properties.

— Holden Walter-Warner