BXP Joins Wave of Jersey City Developers

BXP is joining forces with the Albanese Organization and CrossHarbor Capital Partners to develop a 670-unit market-rate project at 290 Coles Street, the Commercial Observer reported. The $400 million development will take up a full-block site in Jersey City’s SoHo West neighborhood.

The project will include two buildings, standing 14 and 22 stories tall, respectively. The development will also feature 350 parking spots and 13,000 square feet of retail space on the ground floor.

The site appears to be the same one Albanese purchased more than two years ago for $70 million. At the time, the Long Island-based firm planned to break ground in 2023 on a 670-unit mixed-use building, which lines up with the latest plans.

As Albanese and CrossHarbor looked to recapitalize the site in recent years, however, BXP saw an opportunity to get into the game, according to executive Hilary Spann. The firm provided $65 million in preferred equity funds for the development.

BXP owns a 19 percent common equity share in the venture. Albanese owns a 14 percent interest, while CrossHarbor Capital owns the remaining 67 percent. The estimated completion date for the project is March 2028.

Jersey City is a hotbed of residential development. Nearly 18,000 units were added to North Jersey last year alone, and another 13,000 were either under construction or in the pre-leasing phase by year’s end.

Jersey City is one of the country’s most expensive rental markets, helping money flow freely into developments in the city.

Last week, Alpine Residential secured an $82 million loan from JLL Real Estate Capital to refinance properties at 270 Johnston Avenue and 66 Monitor Street in Downtown Jersey City. The recently completed developments contain more than 200 units between the two.

— Holden Walter-Warner