The project is being done by Newport, an affiliate of the New York-based Lefrak Organization, and sits adjacent to the developer's sprawling Newport mixed-use community on this city's Hudson River waterfront. The cost of the Roosevelt has not been released.
"There's a growing demand for quality residential housing in this part of Jersey City," according to Jamie LeFrak, managing director of Newport. "As a response to that, we're building the Roosevelt, and there may be more development of this type here in the future."
The site itself is on 10th Street between Manila Avenue and Luis Marin Boulevard, across the street from the Newport Centre Mall. It's also near the company's Abraham Lincoln apartment complex, a similar property that opened a little over a year ago.
"Although it is smaller in scale than the high-rises in Newport, the Roosevelt, like the Lincoln, allows us to appeal to that sector of the market that is looking for a certain neighborhood ambiance," explains Michael Bass, Newport's director of leasing. "The Roosevelt is located against the backdrop of a charming neighborhood of residential brownstones and landscaped avenues."
The building itself will include a fitness facility, a 9,000-sf park/play area, on-site parking, and possibly some ground-floor convenience retailing, according to Bass. It will also be pre-wired for DirecTV and for computer/data transmission.
Residents will also have access to many of Newport's amenities, including a marina, a private school offering reduced tuition to residents and the various shopping and recreational venues. PATH light rail and ferry access are also adjacent.
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