In a related development, Pinnacle president/CEO Brian M. Stolar announced that his firm has formed a new subsidiary, Pinnacle Downtown, to formalize the company's efforts on this and other urban projects in the Garden State. The new subsidiary joins Pinnacle Communities and Pinnacle Custom in the Millburn, NJ-based company's stable.

What Pinnacle has in store for the project, which is being done with local partners Daniel Gans and George Vallone, is an estimated $500 million worth of mixed-use development. As reported earlier, the mix will include more than 830 luxury condos, along with 210,000 sf of retail and professional office space and 1,500 parking spaces.

"This project is an unbelievable opportunity," Stolar says. "We also have a long history in Hoboken, having successfully done several redevelopment projects in the area over the past 15 years."

Demolition and sitework are expected to begin in the first half of this year, with actual construction slated for late in the year. The project, which will also include a waterfront park and pier restoration, is expected to take up to five years to complete.

As far as the company's new subsidiary, "urban redevelopment and 'smart growth' have become the focus of developers and legislative leaders alike, and we have participated in downtown projects for many years," Stolar says. "With Pinnacle Downtown, we're targeting landmark centers to create residential destinations and anchors of commerce."

Other current Pinnacle projects in New Jersey include the redevelopment of the former Hahne's department store in Montclair, the makeover of an abandoned retail facility in Millburn into an office building for PNC Advisors, and the conversion of the Epstein's department store in Morristown into a multi-tenant retail facility.