New Jersey City University and developer KKF University Enterprises LLC recently held a groundbreaking ceremony at the second of four mixed-use residential buildings at the University Place redevelopment in Jersey City.
The $83 million public-private partnership project will build 301 market-rate apartments across two buildings, which consists of 11,000 square feet of commercial space along West Side Avenue and 303 parking units.
“The University Place Redevelopment Project is a game changer,” NJCU President Dr. Sue Henderson said. “Through public-private partnership, we are moving another step closer to revitalizing our city’s west side while enhancing university life and providing physical amenities in a debt-free way that otherwise would not be financially possible.”
The venture partners, NJCU and KKF, said they will first build a $43 million, 205,400-square-foot residential building with 149 apartments and 151 parking spaces scheduled for occupancy for Fall 2018.
“University Place is a collaboration that was conceived more than a decade ago,” Henderson said. “It began as a vision of NJCU’s board of trustees, Foundation board and executive leadership team. Working together with forward-looking city, county and state officials who saw the need for the revitalization of Jersey City’s west side, University Place was launched as a “P3” – Public Private Partnership – thanks to the engagement of a team of entrepreneurial developers. The buildings are being constructed at no cost to NJCU students or the University.”
The University Place development is a $400 million public-private partnership. The redevelopment project will deliver additional shops, a supermarket and other retail amenities to the university and Jersey City. Completion for the first of four mixed-use residential buildings is slated for completion in 2018.