Construction is underway on an $83 million project that will add 135 luxury apartments and new retail space to the western edge of Hoboken, its developers said Wednesday.
The firms, Bijou Properties and Intercontinental Real Estate Corp., broke ground this week on what will be an 11-story building at 9th and Monroe streets, according to a news release. The project is slated to be complete by fall 2015, generating more than 125 union construction jobs along the way.
The property, which is adjacent to an NJ Transit Hudson-Bergen Light Rail stop, also will include a 135-car automated parking facility and a 7,000-square-foot public park, the news release said. The retail space will total 13,500 square feet and include a daycare center alongside a residential building known as 900 Monroe.
While Hoboken's waterfront downtown has been thriving for years, developer Larry Bijou called the western edge an "up-and-coming neighborhood." And it's not unfamiliar territory: Bijou's firm is based in the city and has a portfolio of several projects.
Intercontinental is a Boston-based investment adviser whose chairman and CEO, Peter Palandjian, said that "Hoboken, as a market, presents every compelling investment dynamic we seek in a deal."
The joint venture partners broke ground Tuesday in a ceremony attended by Hoboken Mayor Dawn Zimmer and other local officials.
The project calls for a host of energy-efficient and sustainable features such as low-flow plumbing fixtures, 92 bicycle racks and systems that aim to use 33 percent less energy than typical buildings, the news release said. Tishman Construction is the general contractor for the project, which was designed by Marchetto Stieve Higgins Architects.