JERSEY CITY, N.J. — A partnership between New York-based developer The Albanese Organization, BXP (NYSE: BXP) and Boston-based investment manager CrossHarbor Capital Partners has broken ground on 290 Coles Street, a $400 million multifamily development in Jersey City. Completion is slated for spring 2028.
In addition to its namesake thoroughfare, the 1.7-acre site in the West SoHo neighborhood, which spans a full city block, is bounded by Jersey Avenue and 16th and 17th streets. Plans call for 670 apartments, 60,000 square feet of indoor and outdoor amenity space and 13,000 square feet of retail space.
More specifically, 290 Coles will consist of two buildings that will rise 14 and 21 stories that will be constructed above a six-level podium. Floor plans were not disclosed. Amenities will include coworking areas, a fitness center, rooftop sky lounge and sundeck, outdoor pool, golf simulator, chef’s kitchen, children’s playroom and a pet spa.
MHS Architecture designed the development, with Brooklyn-based Meshberg Group handling interior design. K L Masters Construction Co. is serving as the general contractor and construction manager. Additional project partners include ICOR Consulting Engineers, DeSimone Consulting Engineering and Dresdner Robin.
“With its continued population growth, Jersey City is an attractive market for new multifamily developments,” says Hilary Spann, executive vice president of the New York Region at BXP. “Boasting a robust amenities package, thoughtful design and a highly desirable location with close proximity to the Hoboken Terminal, 290 Coles will offer residents a premier living experience.”
This project marks Albanese Organization’s second major residential development in Jersey City, following The Hendrix, a 46-story tower in the Powerhouse Arts District that contains 482 units.
The stock price of BXP, formerly known as Boston Properties, opened at $67.76 per share on Monday, June 30, up from $61.60 a year ago.
— Taylor Williams