A joint venture is planning to build a 132,000-square-foot residential property on Jersey City’s West Side, as part of New Jersey City University’s $400 million University Place redevelopment plan, the partners announced Wednesday.
Circle Squared Alternative Investments and an affiliate of The PRC Group of Companies will build the Class A property, which will include 144 units of upscale, market-rate housing and related amenities. The project is a collaboration between the city, NJCU and the developers.
“We have been a part of the redevelopment of the West Side of Jersey City for some time now, and, thus far, tremendous progress has been made, with even more transformative development on the horizon,” Morristown-based Circle Squared’s founder and president, Jeffrey Sica, said in a prepared statement. “The PRC Group is a 60-year-old amalgamation of companies with an exceptional track record as a construction manager and developer.
“We couldn’t have found a better partner for this stage of the University Place project.”
The project represents the second apartment building to break ground at the University Place master-planned community, which will eventually include four such buildings, plus graduate student housing, a performing arts center and a shopping center.
“This is an exciting and transformative project for us,” Robert M. Kaye, West Long Branch-based PRC Group’s founder, chairman and CEO, said in a statement. “The apartments in this complex will offer many of the same amenities as the luxury building on the waterfront, along with excellent access to public transportation, but at a much more accessible price point.”