HOBOKEN, NJ-MC Development, a locally based group, has started construction on Monroe, a mixed-use project being described as a "culturally anchored community." The project will tie together several new buildings with the existing Monroe Center for the Arts, a popular artist destination.

According to Seth Kestenbaum, director of real estate development for MC, the project will add a total of 435 residences, 125,000 sf of retail space, 110,500 sf of office and studio space, 1,120 indoor parking spaces and approximately 1.3 acres of community space to the existing arts center. The new space will consist of two 13-story buildings, one 12-story building, a 10-story building and two five-story buildings.

Phase I of the project is expected to be completed by the spring of 2006, and MC has launched its retail leasing campaign, according to Kestenbaum. Among the specific targets are an anchor tenant, a specialty grocery, a coffee house and other restaurants, a bank branch, a bakery, a spa and other boutiques and lifestyle tenants. Retail tenant spaces range from 800 sf to 40,000 sf and will be delivered in "vanilla shell" condition, according to Kestenbaum.