(Read more on the multifamily market.)

HOBOKEN, NJ-The local zoning board of adjustment has granted final site plan approval for 900 Monroe, a 12-story residential condo building. Being joint ventured by New York City-based Tarragon Corp. and the locally based Ursa Development Group, it will be the first high rise and the seventh new building within Tarragon’s Upper Grand community. The site itself is near the developer’s flagship Upper Grand condo building.

The plan calls for a total of 112 one-, two- and three-bedroom units, including 10 two-bedroom duplex units. Also part of the plan is 7,600 sf of retail and an outdoor café at ground level, adjacent to this city’s 9th Street light rail system. Tarragon and Ursa are also setting aside one-third of an acre of the property for use as a public park.

The approval caps a three-year approval process. First offered up in 2004 after Ursa, headed by local businessmen Michael Sciarra and Mark Stettemre, took an option on the city-owned site, the plan found opposition from residents calling for its use as public space. The final plan is a slightly scaled-back version of an initial plan calling for 125 residential units.

Construction is now planned to begin in June, with completion approximately one year later.

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