HOBOKEN, NJ-The JDA Group has started construction for the Lexington, a five-story luxury rental apartment complex that will bring a nearly 50 new units to the market. Those units are slated for delivery in March 2008. Cost of constructing the project has not been released.
Located on 10 lots at Seventh and Adams streets here, the Lexington's site plan calls for one building to occupy the northern half of the 600 block of Adams Street, containing a total of 40 two-bedroom residences. The second building will occupy the northern quarter of the 600 block of Grand Street, offering eight one- and two-bedroom residences. The two buildings have been designed to mesh with the surrounding historic architecture, according to Gregory DellAquila, vice president of the locally based JDA Group.
"Hoboken is a desirable location, and many developers beside ourselves have seized on that," says DellAquila. "But we felt that there was a high percentage of people who want to live in a luxury complex without taking out a $700,000 mortgage. We're building the Lexington to meet that need."
Also part of the plan is a 10,000-sf common garden for residents. "Outdoor space is always a major selling point in urban development," DellAquila says.
"The city's desirable areas are not limited to the waterfront on the Hudson River," says Mayor Dave Roberts, referring to the fact that the Lexington is inland from the riverfront. "Many people don't realize that our inland areas have good neighborhoods and quality housing with access to light rail."
JDA Group has been around for almost three decades and focuses on both residential and commercial properties. Most recently, the company completed the Hoboken Business Center, an 800,000-sf office complex at 50 Harrison St. here.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.