A project by BXP, CrossHarbor Capital and the Albanese Organization calls for two towers with a combined 670 luxury apartments, more than 350 parking spaces and 13,000 square feet of retail space at 290 Coles St. in Jersey City. — Rendering by MHS Architecture
By Joshua Burd
A development team has unveiled plans to bring another 670 luxury apartments to Jersey City under a $400 million project that would rise just south of the Hoboken border.
BXP, the real estate investment trust, announced last week that it has formed a joint venture with CrossHarbor Capital and the Albanese Organization to develop 290 Coles St., where the firms are set to build two towers with parking and street-level retail space. It would be among the latest additions to the so-called SoHo West neighborhood, which is named for its proximity to Hoboken and sits just west of the Holland Tunnel, where thousands of new rental homes have helped reimagine a former industrial district.
MHS Architecture designed the project, which will occupy a 1.75-acre block bounded by Coles Street, Jersey Avenue and 16th and 17th streets. Construction, which is being managed by K L Masters Construction Co., is expected to conclude in early 2028.
“We’re excited to partner with Albanese Organization and CrossHarbor Capital to expand our residential portfolio to include 290 Coles,” said Hilary Spann, BXP’s executive vice president for the New York region. “The project will add highly desirable housing with standout amenities in a vibrant neighborhood. Located minutes from Manhattan, 290 Coles underscores our commitment to intelligent design, great location and the seamless integration of living and working.”
BXP and Albanese will oversee development of the market-rate project, with plans calling for towers of 14 and 22 stories atop an eight-story podium, along with more than 350 parking spaces and 13,000 square feet of retail space. They also expect residents to have views of the Hudson River and Manhattan skyline, while benefiting from a newly completed park adjacent to the property.
Additionally, renters will have access to more than 70,000 square feet of indoor and outdoor amenity spaces, including coworking facilities, a fitness center, a courtyard and terraces, an outdoor pool and an indoor-outdoor rooftop sky lounge. Hoboken Terminal is about a mile away, offering a host of mass transit options, as are the downtowns of Hoboken and Jersey City.
“Albanese is thrilled to unveil its partnership with BXP and CrossHarbor as we prepare to break ground on 290 Coles next month,” said Chris Albanese, president of Albanese. “Albanese previously partnered with CrossHarbor to purchase the land, and we are excited to further strengthen the partnership with BXP. We look forward to building a luxury rental building that we believe will be uniquely positioned within the exciting SoHo West neighborhood in Jersey City, which has seen significant demand and investment.”
According to a news release, BXP owns a 19 percent common equity interest in the venture, while Albanese owns 14 percent and CrossHarbor Capital owns the remaining 67 percent. BXP will also provide $65 million in preferred equity as additional project funding.
BNY, as administrative agent and arranger, led the financing of a $225 million senior secured construction loan in a three-bank deal that includes U.S. Bank National Association and Banco Bilbao Vizcaya Argentaria as co-syndication agents.
“We are proud to collaborate with BXP and the Albanese Organization on this exciting opportunity,” said Tom Stevens, partner and co-portfolio manager at CrossHarbor Capital. “As a firm that invests in high-quality projects nationwide, we have strong confidence in the continued growth and strength of the Jersey City market. With BXP’s and Albanese’s development expertise, we look forward to leveraging our combined strengths to create a well-located, top-tier property that will enhance the neighborhood and help meet the rising demand for Class A multifamily housing.”
Additional members of the design team include ICOR Consulting Engineers, DeSimone Consulting Engineering, Dresdner Robin, Meshberg Group and The Marketing Directors. Legal representation associated with the new venture included Fried, Frank, Harris, Shriver & Jacobson, Goulston & Storrs, Adler & Stachenfeld and Troutman Pepper Locke.
