Page 22 - RENJ May 2021 Issue 53

20 MAY 2021
A PLACE FOR INNOVATION
Developers eye plans for 3 million sq. ft. life sciences, tech hub in Jersey City
Ajoint venture is detailing plans for a 3 million-square-foot, mixed-use campus in Jersey
City that it says will be a hub for life sciences, technology and medicine just outside Manhattan.
Argent Ventures and H&R REIT say the project, known as The Cove JC, will span 13 acres with 1.4 million square feet of lab and technology office space and a 1.6 million-square- foot residential component. Slated
for a property along the New Jersey Turnpike extension, at Aetna Street and Jersey Avenue, the development would revitalize a former brownfield site, while tapping into the growing demand for commercial space serving high-growth, innovative industries.
Groundbreaking for the multiphase project is slated for next year, starting with two academic, laboratory and teaching facilities and a commercial life science building totaling up to 833,899 square feet.
“We are very excited to realize this unequalled vision for a new 21st- century community,” said Clay McPhail, vice president of acquisitions and asset management at Argent Ventures. “The Cove has the scale
to be truly transformative not only economically, but also ecologically. The views are phenomenal and the location at the crux of downtown Jersey City and Liberty State Park just can’t be matched. It’s going to be a great place to work and live.”
Argent Ventures said the project,
with a location along the New
Jersey Turnpike, will benefit
from connectivity to the largest concentration of biomedical engineers and scientists in the world. The first building will include seven floors geared toward life science and teaching uses, including laboratory and office space for companies at all stages of growth, a modern digital conference center and a convergence café, the firm said, along with core
facilities designed for biomedical engineering, clinical drug discovery and other translational uses.
Meantime, the commercial building will include laboratory and office space, as well as street-level retail, according to a news release. The plan also calls for a publicly accessible 3.5-acre waterfront park linked to the Hudson River Waterfront Walkway.
“The Cove epitomizes our commitment
the future.”
The project’s second phase calls for two commercial laboratory and office buildings totaling 596,000 square feet just north and east of the first phase, the news release said. Construction on the residential portion, which was not immediately detailed, will also occur in multiple phases.
The project team includes Ennead Architects and Nancy J Kelley + Associates, which leads marketing and leasing for the property, along with land use consultancy Dresdner Robin.
“The Cove is a unique, singular and unrivalled opportunity to develop
a destination hub for life sciences/ tech with access to local resources and connectivity to both New
York’s major academic institutions and New Jersey’s pharmaceutical companies,” said Nancy J. Kelley, CEO and president of Nancy J Kelley + Associates. “As a ground-up development, it will offer the very
By Joshua Burd
Phil Murphy
to reigniting New Jersey’s innovation economy as a global leader in technology and life sciences,” Gov. Phil Murphy said. “With
the most educated workforce in the country and unmatched location, New Jersey is uniquely positioned to innovate and build the companies of
Developers Argent Ventures and H&R REIT recently detailed plans for The Cove JC, a planned 3 million-square-foot, mixed-use campus in Jersey City that will be dedicated to life sciences, technology and medicine, as depicted in the above rendering.
Courtesy: Argent Ventures/Ennead Architects