A rendering of a planned 144-unit project on the west side of Jersey City by KKF Enterprises, an affiliate of PRC Group, and Circle Squared Alternative Investments — Courtesy: KKF Enterprises
By Joshua Burd
A joint venture is marching toward a fall opening for 144 new apartments on the west side of Jersey City, the latest piece of a plan to reshape the campus of New Jersey City University.
The development team, which includes an affiliate of PRC Group and Circle Squared Alternative Investments, says it has completed substantial construction at the site between West Side Avenue and Route 440. Slated for delivery in October, the 132,000-square-foot building will include upscale, market-rate units and a host of amenities and high-tech features.
The project will mark the second apartment complex and the third overall building within the mixed-use district known as University Place, a $400 million development plan on land owned by NJCU.
“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,” said Jeffrey Sica, founder and president of Circle Squared Alternative Investments. “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.”
A joint venture including The Hampshire Cos., Claremont Cos. and Circle Squared joined NJCU and city officials last summer to open RIVET, an adjacent 163-unit apartment building with 10,000 square feet of retail space. It was the first mixed-use project to open within University Place and the second phase overall, following the 2016 opening of a residence hall.
The joint venture is planning a second building, as is the team of PRC and Circle Squared. Other plans for the 22-acre site include graduate student housing, a performing arts center and a grocery store-anchored shopping center.
“This is an exciting and transformative project for us,” said Robert M. Kaye, founder, chairman, and CEO of PRC Group. “The apartments in this complex will offer many of the same amenities as the luxury buildings on the waterfront, along with excellent access to public transportation, but at a much more accessible price point.”