Jersey City's skyline
General Business

Developers Continue Ongoing Transformation of Jersey City Neighborhood

Mayor Fulop helps The Hampshire Companies, Claremont Companies, Circle Squared, and NJCU break ground on RIVET 2

Executives from The Hampshire Companies, Claremont Companies, and Circle Squared were joined by New Jersey City University President Sue Henderson and Jersey City Mayor Steven Fulop to celebrate the groundbreaking for RIVET 2, Jersey City’s newest luxury apartment development at 26 University Boulevard at University Place in the city’s west end neighborhood.

Part of the next phase of the mixed-use master plan to transform Jersey City’s emerging west end neighborhood into a vibrant live-work-play community, RIVET 2 features 199 modern residential units and 10,000 square feet of service-oriented ground level retail. The development will join RIVET 1, a 163-unit luxury apartment building that opened last summer at the gateway to University Place. Developed in conjunction with New Jersey City University and Jersey City, University Place is a master redevelopment plan designed to create Jersey City’s next dynamic and walkable neighborhood through the construction of eight buildings, 1,000 new luxury residential units and access to more than 120,000 square feet of retail, a performing arts center, cafes, theaters, and lush green space.

“For developers, creating a sense of place and community can often be one of the most challenging aspects of any large-scale real estate project. With the ongoing leasing success at RIVET 1 and our groundbreaking for RIVET 2, we believe that we are well on our way towards creating a unique, mixed-use community in one of the country’s most exciting real estate markets,” said James E. Hanson II, president and CEO of The Hampshire Companies. “Bringing this ambitious vision to life would be impossible without the ongoing support and vision of President Henderson and Mayor Fulop and we look forward to continuing to build upon this successful partnership to bring the entire University Place plan to fruition.”

NJCU President Sue Henderson said, “As we celebrate the groundbreaking for RIVET 2, we can also celebrate the successful public-private partnership that has made the University Place project a reality. Through a collaborative spirit guided by a shared vision, the University Place development team has been able to successfully realize each component of our ambitious plan and highlight the effectiveness of public/private partnerships in bringing tangible, transformative real estate development to our communities.”

Developed by The Hampshire Companies and Claremont Companies, RIVET 2’s 84 studio apartments, 102 one-bedroom, or 13 two-bedroom units will enable tenants to experience the best in urban living and all that Jersey City has to offer. The site is located 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 for easy access to New York City. In addition to Bergen Hudson Light Rail accessibility, upon opening, RIVET 2 will offer a complimentary direct shuttle service to the Journal Square PATH Station, enhancing access to New York City. Two bike terminals, 155 structured parking spaces and street parking further complement the transportation options available for commuters.

RIVET 2 will feature technology-enhanced amenities and premier accessibility to shopping, dining and entertainment, making it a distinctive destination in one of Hudson County’s hottest emerging neighborhoods. Technology-enhanced amenities and social spaces include a cyber café with WiFi access, Butterfly MX virtual entry and package delivery system, an activated 10,000-square-foot courtyard with a sundeck, lounge seating, gaming areas, grilling stations, movie screenings, an indoor lounge with courtyard connectivity, and a light-filled fitness center with Fitness On Demand and a yoga studio.

Through doubling the retail and residential options in University Place, RIVET 2 will build upon the significant retail and residential leasing success at RIVET 1. Since opening in August of 2018, RIVET 1’s 10,000 square feet of service-oriented ground level retail spaces stands at 100 percent leased to five retailers. Grid Real Estate, a boutique brokerage and advisory firm based in Fair Lawn, N.J,  handled the successful retail leasing for RIVET 1. Additionally, RIVET 1’s residential units are projected to be fully leased later this spring.

“The successful leasing of RIVET 1’s retail and residential components is a strong indicator that our vision for Jersey City’s West End is shared by residents and businesses alike,” added Richard Sciaretta, director for Claremont Companies. “We look forward to replicating that success at RIVET 2 and continuing our creation of a unique community in one of New Jersey’s most in-demand markets.”

Each unit at RIVET 2 offers the best in modern urban living and design, featuring spacious 9’6” ceilings, contemporary kitchens with Frigidaire stainless steel appliances, undermount sinks, quartz countertops, white cabinetry, designer pendant lighting over kitchen islands and subway tile backsplashes. Upscale bathrooms feature large format porcelain floor tile, cultured marble vanity countertops, chrome faucets with sprayers, medicine cabinets, and tubs and showers outfitted with subway tile and glass mosaic accents. In-home, front-loading Electrolux washers and dryers add convenience while Armstrong wood-look luxury vinyl flooring and lever-style door handles provide clean finishes. Additionally, the property boasts 24/7 on-site management and maintenance to ensure that tenants can expect the highest levels of customer service.

“The work that’s being done throughout Jersey City is incredible,” said Jeffrey Sica, founder and CEO of Circle Squared Alternative Investments. “Circle Squared is proud to be part of redevelopment projects, such as RIVET 2, which incorporate state-of-the-art technology and design, add to the beauty of the neighborhood, and will undoubtedly attract new residents to one of the state’s most recognized cities.”

To access more business news, visit NJB News Now.

Related Articles: