400 Claremont Urban Renewal Will Transform Chemical Manufacturing Site into Multifamily TOD
The former chemical manufacturing facility will be redeveloped into a residential rental building with a number of attractive amenities, parking and retail stores.
JERSEY CITY, NJ—A former chemical manufacturing site of Elementis Specialties at 400 Claremont Avenue, Jersey City, NJ, was purchased by 400 Claremont Urban Renewal for $17 million. Kathy Anderson of Progress Capital closed the $11.875 million acquisition and pre-development financing and also arranged for a JV equity partner.
The 2.73-acre site has been the manufacturing facility for the colourants business of Elementis for more than 70 years. The location will be redeveloped into a residential rental building with a number of attractive amenities, parking and retail stores.
“The location of this site at the West Side Avenue Station of the light rail is ideal for our planned redevelopment into a residential rental building with parking and retail,” says Art Johnson, managing member of 400 Claremont Urban Renewal. “Our proposed plans will focus on the key elements driving rentals today which are a safe, trendy building with an overabundance of amenities. Our goal is to create a community.”
The financing allows the partnership to purchase the property, demolish the existing building, remediate the site and provides funds for predevelopment costs such as architectural, engineering and carry costs. Anderson will continue to represent the owners as they source construction financing options for the project.
“Having worked with Art and his team for the past 15 years, I look forward to another exciting project at 400 Claremont,” says Anderson.
400 Claremont Urban Renewal was represented by Leo Leyva and his team at Cole Schotz while Gibbons Law represented the lender in the transaction. The Cole Schotz team included member Robert DiPisa and associate Jonathan Goodelman, who advised on the acquisition; member Rab Nalavala and associate Eric Reisman, who advised on the loan; member Jennifer Horowitz and associate Samantha Epstein, who provided corporate guidance; and members Richard Ericsson and Marcie Horowitz and associate Elizabeth Bogle, who assisted with the environmental work.