A model unit at Rivet 26, a 199-unit luxury apartment building at 26 University Place Blvd. in Jersey City — Courtesy: The Hampshire Cos.
By Joshua Burd
An investment group is eyeing the debut of 199 new luxury apartments on Jersey City’s west side, marking the latest piece of the master-planned neighborhood known as University Place.
The Hampshire Cos., Claremont Development and Circle Squared Alternative Investments say they’ve entered the final stages of construction at Rivet 26, a five-story property at 26 University Place Blvd. They now expect to launch preleasing this month at the collection of studio, one-bedroom and two-bedroom homes, which are part of an ongoing public-private development initiative with New Jersey City University.
“We have always taken great pride in our commitment to utilizing our deep experience in real estate investment to positively impact every community in which we work,” said James E. Hanson II, CEO and president and The Hampshire Cos. “As we near the completion of Rivet 26, we applaud the hard work of our team, project partners, NJCU and Jersey City in their ongoing efforts to bring our transformative vision for Jersey City’s west end neighborhood to life and we look forward to soon being able to welcome the building’s first residents this summer.”
Designed by Netta Architects, with interior design overseen by Interior Motives, Rivet 26 features apartments with high-end finishes and appliances. The property also has amenities such as a landscaped sun terrace with an outdoor bar and fire pits, private grilling and dining areas and a host of indoor offerings, including entertainment lounges, a billiards room, a coffee bar and a co-working lounge with private offices.
Rivet 26 also has 10,000 square feet of street-level retail space, which joins other shops and restaurants in the growing neighborhood east of Route 440. University Place, a collaboration between private developers and NJCU, will ultimately include the construction of eight buildings with 1,000 new luxury apartments, more than 120,000 square feet of retail space, a performing arts center, cafes, theaters and open space.
The existing buildings include a 163-unit project completed in 2019 by Hampshire, Claremont and Circle Squared, known as Rivet. Circle Squared is also a partner in another University Place development, a 144-unit building by an affiliate of PRC Group.
“The opening of Rivet 26 is another compelling moment in time for Jersey City’s west end,” NJCU President Sue Henderson said. “NJCU is proud to be part of the dynamic partnership bringing University Place alive — a testament to our longstanding commitment to enhancing the educational, intellectual, cultural, socioeconomic, and physical aspects of our community.
“Residents of Rivet 26 will have the added benefit of access to all NJCU has to offer — from a robust offering of arts and cultural performances to New Jersey’s most affordable, forward-looking undergraduate and graduate degree programs, certificates and stackable credentials.”
The joint venture’s existing 9,500 square feet of retail space, part of the earlier Rivet project, is currently fully leased to five retailers providing a range of grocery, retail and dining options.
“We are thrilled to be opening Rivet 26 to complement our first community, Rivet,” said Jeff Bastow, a partner with Claremont Development. “This new building is truly differentiated in the level of finish as well as incorporating work-from-home elements into the communal space. We look forward to welcoming our first residents in coming months.”
RHO Residential is providing property management services for Rivet 26, which sits one-third of a mile from a Bergen-Hudson Light Rail stop, providing access to the Hackensack River waterfront and Hoboken as well as the opportunity to transfer to the PATH train. The building also offers complimentary direct shuttle service to the Journal Square PATH Station, along with two bike terminals, 155 structured parking spaces and street parking.
“We are proud to partner with Hampshire and Claremont on this next phase of Rivet,” said Jeff Sica, CEO and president of Circle Squared. “We remain committed to the University Place redevelopment and NJCU which will continue to increase the university’s footprint and help revitalize the west side of Jersey City. This flourishing community is steadily emerging as a prime competitor in the New Jersey real estate market.”