A redevelopment agreement for 168 Sip Ave. in Jersey City calls for two towers with a combined 720 apartments, plus nearly 7,600 square feet of commercial space. — Rendering courtesy: JLL
By Joshua Burd
A developer is seeking a partner for a project that would bring at least 720 apartments to a well-known site just minutes from the Journal Square Transportation Center in Jersey City.
According to JLL, which represents the sponsor, the property at 168 Sip Ave. is governed by a redevelopment agreement that calls for two 35-story towers on a 0.81-acre site. The parcel is a five-minute walk from the transit hub, the listing team said, providing future renters with easy access to PATH service that reaches Manhattan in less than 15 minutes.
Part of the Journal Square 2060 Rehabilitation Area, which has seen thousands of new rental units come online in recent years, the property is also just a block from a newly delivered Target and a planned Whole Foods Market. That adds to the appeal of a site that is slated to include nearly 7,600 square feet of commercial space across its two phases.
JLL’s Jose Cruz and Ryan Robertson lead the marketing team.
“Jersey City continues to experience strong population and employment growth driven by its role as a primary residential alternative to Manhattan, with direct access to major employment hubs and a concentration of global financial institutions including Goldman Sachs, Bank of America, BNP Paribas and Deutsche Bank along the Hudson Waterfront,” JLL wrote in its marketing materials. “This convergence of transit accessibility, retail activation and employment density positions the property to capture sustained tenant demand and premium rent growth.”
According to the firm, the project is slated to include 648 market-rate units and 72 that are reserved as affordable housing. It’s also poised to benefit from a phased schedule that is “designed to stagger absorption, allowing Phase 1 to establish rental benchmarks prior to Phase 2 delivery, thereby reducing lease-up risk and enhancing overall returns.”
JLL added that the 720 units included in the redevelopment agreement represents a “meaningful discount” to the site’s maximum allowable density of 1,000 units. That “(provides) significant upside optionality as plans are finalized.”
Plans also call for a combined 200 parking spaces across the two phases.
