Bijou Properties and Intercontinental Break Ground in Hoboken
On Apr 11, 2014Bijou Properties, in partnership with Intercontinental Real Estate Corporation, breaks ground on the $83-million, multifamily development, 900 Monroe, in Hoboken.
The 11-story, 135-unit mixed-use luxury rental building will be situated at 9th and Monroe Streets adjacent to the 9th Street Light Rail Station. This project is a joint venture between Intercontinental Real Estate Corporation and Bijou Properties. In addition, the new building will be comprised of 13,500 square feet of retail space including a daycare center and a 135-car onsite automated parking facility. The developers will also be creating a 7,000 square-foot public park. The overall development is expected to be completed in the Fall of 2015 and will generate more than 125 union construction jobs.
According to Hoboken Mayor Dawn Zimmer, “The development that we do in Hoboken has to be built more resiliently and this project is an excellent example of building for the future and building with a more resilient design that will not only provide energy efficient benefits and quality of life benefits, but will really be much more resilient. This project is a model for not only Hoboken and for our state, but for our country.”
“We could not be more excited with our purchase of 900 Monroe,” said Peter Palandjian, Chairman and CEO of Intercontinental Real Estate Corporation. “We look forward to creating a one-of-a-kind apartment building. Hoboken, as a market, presents every compelling investment dynamic we seek in a deal. I am confident that our partnership with Bijou Properties will be a successful and lasting one. We look forward to more New Jersey purchases on behalf of Intercontinental’s union and public pension investors, for whom we are grateful to work, create investment returns and fair wage and benefit jobs.”
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