A rendering of The Boundary, a planned 500,000-square-foot mixed-use project around 50 Harrison St. in Hoboken and 2 Hoboken Ave. in Jersey City — Courtesy: JDA Group LLC
By Joshua Burd
The developer of a planned mixed-use project on the border of Hoboken and Jersey City has tapped Newmark as its leasing team for more than 100,000 square of new office space.
JDA Group LLC, a locally based firm, said the agency at what’s known as The Boundary will include 39,000 square feet of medical office space and 69,000 square feet of professional office space. Both components are part of a project that will total some 500,000 square feet, seeking to revitalize a former industrial neighborhood around 50 Harrison St. in Hoboken and 2 Hoboken Ave. in Jersey City.
Newmark’s Harrison Russell will lead the assignment, which follows a recent approval by Hoboken that paves the way for construction to begin next summer.
“The Boundary is a visionary project spearheaded by a local, family-owned development firm with a strong history of successfully repurposing assets,” Russell said. “The elevated park and on-site parking further enhances the appeal of the new office space. There really is nothing like it in the marketplace.
“Further, this area of northern New Jersey is underserved for Class A medical office accommodations yet has a significant population density and deep network of hospitals and health care providers. With current demand for medical office — particularly in mixed-use settings — we anticipate meeting a significant community need.”
In a news release, JDA noted that the project will yield the first ground-up office construction for New Jersey’s Gold Coast in more than a decade. The project also includes Mission 50, an existing 80,000-square-foot boutique office and co-working community, along with a multifamily building, retail and restaurant space, a parking structure, a meeting and catering venue and a high-concept rooftop park with unobstructed views of Manhattan.
“Harrison and the Newmark organization bring not just a high level of expertise, but a keen understanding of this specific product type and market area,” said Greg Dell’Aquila, CEO of JDA Group. “In short, they see the importance and potential of this project and will drive the leasing as The Boundary takes shape in the months ahead.”
JDA Group is now eyeing a mid-2022 groundbreaking for The Boundary after recently securing final site plan approval from the Hoboken zoning board. Along with Newmark, the firm has assembled a team that includes Erdy McHenry Architecture, landscape architect Roofmeadow and QuallsBenson Advertising.
When complete, the Boundary will introduce roughly 50,000 square feet of destination retail that will bring restaurants, boutiques, grocery and entertainment concepts to a neighborhood with limited shopping and dining options, the news release said. Its multifamily component will introduce 192 rental apartments, while the elevated park and green will provide landscaped roofs to absorb rainwater.
Meantime, new and improved streets and sidewalks will make the entire neighborhood far more accessible and desirable for pedestrians and cyclists, JDA said.