The exterior of The Hague, the final piece of the redevelopment project in Jersey City known as The Beacon — Courtesy: Building and Land Technology
By Joshua Burd
The high-end residential complex in Jersey City known as The Beacon has leased up its sixth and final apartment building, marking the completion of a distinctive, ambitious project that saw developers readapt a sprawling early 20th-century hospital.
The developer of the property, Building and Land Technology, announced the milestone Wednesday, six months after delivering the 241-unit building known as The Hague. The site is now 95 percent leased across its 1,155 rental units, meaning the property is stabilized after a massive historic preservation and renovation effort.
That process goes back more than a decade, when a developer George Filopoulos acquired the former Jersey City Medical Center and began to repurpose it as condominiums. But the 1.5 million-square-foot project was stalled by the economic downturn after just two buildings were converted, causing the firm to sell the remaining six buildings to Building and Land Technology.
On Wednesday, an executive with the Stamford, Connecticut-based firm said it “has been gratifying to play a role in bringing this incredible property back to life” over the last four years.
“The extraordinary response from residents says it all,” Paul MacKnight Jr., residential portfolio director for Building and Land Technology, said in a prepared statement. “The rapid leasing velocity for such a substantial number of apartments exceeded our expectations and underscores the appeal of the product we created.
“At an attractive price point, our residents are enjoying a complete lifestyle package with beautifully designed apartments and unrivalled amenities, as well as an incredible location with easy access to New York City.”
The iconic Art Deco complex, which sits on one of the highest points in Jersey City, is located on Montgomery Street and west of the city’s downtown. It is listed on both the New Jersey and National Registers of Historic Places, BLT said, with the project representing one of the largest historic renovations ever completed in the country.
The Beacon now offers luxury units ranging from studios to two-bedrooms, with high-end finishes and amenities such as 24/7 fitness centers, restored theaters, children’s playrooms, resident lounges, Wi-Fi in common areas and landscaped courtyards with fire pits.
The 1940s-era property also now includes a 45,000 square-foot landscaped park set against the Manhattan skyline and New York Harbor.
Residents, meantime, are offered free shuttle service to the Grove Street and Exchange Place PATH and ferry stations.