A developer is set to begin a rehabilitation of a decades-old former bank building in Jersey City, with plans to transform into a new 258-room boutique hotel in the city’s Exchange Place section.
The $90 million project by Concord Hospitality Enterprises is set to begin Monday, NJBIZ has learned. The plan calls for the renovation and expansion of the existing 10-story building at One Exchange Place, which will be converted into a hotel operating under the Hyatt House banner.
All told, the project reportedly will create 350 construction jobs, 80 permanent jobs and 60 part-time hotel jobs. The completed facility will generate about $1.6 million in annual revenue for the state’s second largest city.
The plan also calls for 10,000 square feet of street-level retail space, a rooftop lounge and other amenities, according to a source with knowledge of the project. A completion date was not immediately available Tuesday.
A 2012 story in the Jersey Journal said the 10-story structure was built in 1920 as a bank.
The property would become the second Hyatt hotel in the city. The other, a Hyatt Regency, opened nearby in 2002.
The news follows an announcement in January that a new 276-room Marriott Hotel was coming to Liberty North Harbor Redevelopment Area. Officials at the time said construction was set to begin in the fourth quarter.
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