481 Luxury Apartments Slated for Waterfront

The two projects, North Pier Apartments and Hudson Point, will combine to put 481 units on a tight residential market. Total cost of the two is in the $100 million range. Over and above the fact that the market desperately needs new product, Lincoln vice president Anthony V. Ianuale, Jr. expects them to be successful because of "their locations in Jersey City, and their access to public transportation."

Adds, Jersey City mayor (and would-be gubernatorial candidate) Bret Schundler, "I'm pleased about the commitment being made to this city. Both projects are very attractive, and both conform to their respective environments."

The first, North Pier Apartments, will have 300 units in an eight-story, 480,000-sf building on a former railroad warehouse pier directly across from Manhattan's Financial District. Located at Harborside Financial Center, it will extend some 900 feet into the Hudson River. Architecture is being done by RTKL; Schiavone Construction Corp. is doing the marine, bridge and pier foundation work; and Pavarini Construction Co. is building the asset itself. A 22-month build-out is expected.

The 181-unit Hudson Point, meanwhile, will be a six-story building in the city's Morris Canal neighborhood, also on the waterfront. It will include a 192-space parking garage, a marina and an 800-foot riverfront promenade designated for public use. Torti-Gallas/CHK Architects has designed Hudson Point, with Trevcon Construction doing marine and bulkhead work and Belle Construction Co. doing the actual facility construction. This second project is expected to take about 15 months to complete.

The 36-year-old Texas-based Lincoln Property Co. has developed some 97 million sf of commercial space nationally over the years, and more the 165,000 multifamily residential units in 200 cities. Nationally, the Lincoln/Equity partnership has already developed or committed to more than a billion dollars worth of multifamily properties since the two companies first hooked up in 1998.