Hoboken-based real estate firm Ironstate Development Co. and joint venture partners Brookfield Property Group and Landmark Developers broke ground recently on 100 Monitor St., a 309-unit luxury rental building in Jersey City’s burgeoning Lafayette neighborhood.
The mixed-use project will also include 3,800 square feet of street-level retail space and 8,000 square feet of commercial space that will serve as the new headquarters for the Jersey City Redevelopment Agency.
The five-story steel and brick building will occupy a now-vacant 2.7-acre site just steps from the Liberty State Park Hudson-Bergen Light Rail Station and within walking distance of the Liberty Science Center and Liberty State Park.
The project will take approximately 22 months to complete.
The $84 million development reflects a growing interest in Lafayette and is expected to fuel further investment in a neighborhood that continues to attract multifamily development, new businesses and restaurants.
“We’ve been committed to Jersey City for more than two decades and view Lafayette as an emerging neighborhood with significant growth potential,” Ironstate President David Barry said. “Our location adjacent to a Light Rail Station will conveniently connect residents to downtown Jersey City and additional public transportation options.”
Situated within the Morris Canal Redevelopment Area, the project is the latest sign of increased investment and development beyond the waterfront and into other areas of the city.
"I am proud to join Ironstate Development, Brookfield Property Group and Landmark Developers to mark the groundbreaking of an exciting development that will bring jobs and businesses back to the Bergen-Lafayette neighborhood,” Jersey City Mayor Steven Fulop said. “Development interest in Jersey City is moving away from the waterfront, and we are thankful to those who see the potential of this neighborhood, including its businesses and residents, and choose to invest in it.”