"We're delighted that Colgate has agreed to let us acquire this very desirable parcel," says Dean S. Geibel, president of Metro Homes, which is based in nearby Hoboken, NJ and has been a very active developer of residential condos in both cities over the past 15 years. "The property is ideal for residential condominium development."

The four-story asset will include three residential floors over ground-level covered parking, according to Geibel. The cost of constructing the Grand View has not been released. Preconstruction sales are expected to start next month.

The site is adjacent to this city's historic Paulus Hook neighborhood and the project will take its architectural cue from its brownstone and brick surroundings, according to architect Dean Marchetto of Hoboken. "Since the property lies just outside the historic district, it will serve as a kind of gateway to the preservation area," he explains.

"We decided to borrow elements of the 19th century design exhibited by many important buildings in the district and reinterpret them for residential use," Marchetto says.