TOLL BROTHERS, AECOM TO DEVELOP 417-UNIT RENTAL TOWER

JERSEY CITY, N.J. — Toll Brothers Apartment Living and AECOM Capital will develop Provost Square, a 417-unit rental apartment tower located in Jersey City. The project will break ground in the spring with leasing expected to begin in early 2015. The site, located at 160 Morgan St., is situated in Jersey City’s historic Powerhouse district. The development will include in-building parking facilities and approximately 16,000 square feet of ground-floor retail. Toll Brothers Apartment Living will oversee the building’s marketing, leasing and property management. Tishman Construction Corp., a wholly owned AECOM subsidiary, with Toll Brothers City Living, will oversee construction. The project is being financed through a $120 million construction facility from PNC Bank, National Association as administrative agent, Wells Fargo Bank, National Association and Comerica Bank. Provost Square is the first of a three-building, 925-unit residential complex planned for the area. When complete, the complex will include a 24,000-square-foot, 550-seat performing arts center, 45,000 square feet of ground-floor retail space, a 26,000-square-foot pedestrian plaza and 917 parking spaces. Toll Brothers currently owns the two remaining sites, which are planned for development as condominiums.