July 2023

O wners , D evelopers & M anagers

M id A tlantic Real Estate Journal — Section C

www.marej.com

Jersey City's downtown to welcome 802 apts. & 115K s/f retail in 2 nd Phase of Redevelopment Brookfield Properties, G&S Investors celebrate Groundbreaking for Hudson Exchange Phase II

Addressing office to residential conversion challenges in Phila. HI-LIGHTS JULY 2023 ERSEY CITY, NJ — Brookfield Properties and G&S Investors , in partnership with lenders Ullico, Washington Capi- tal and AFL-CIO Housing Investment Trust , broke ground on the second phase of Hudson Exchange, one of Jersey City’s largest and most anticipated redevelop- ment projects. Located at 420 Marin Blvd., the 1.3 million s/f, mixed-use tower will feature 802 luxury rental apartments and 115,000 s/f of retail space, including 85,000 s/f that is J

access to an expansive col- lection of indoor and outdoor amenities that include a roof- top pool, a social lounge, a fitness center, a game room, a dining/conference room and a co-working lounge, among other spaces. The Metro Plaza ShopRite supermarket — a long-estab- lished, affordable neighborhood grocery option — will relocate from a nearby building to con- tinue its 30-year legacy at the base of the new tower. Hudson Exchange Phase II will also feature over 20,000 s/f of publicly accessible green space that includes plazas, a new dog park and the Sixth Street Embankment Plaza, which will serve as the gate- way to Jersey City’s forthcom- ing Sixth Street Embankment, an elevated rail line that the City is transforming into a public park. “The Phase II tower signi- fies the third multifamily

building that G&S Investors has built alongside Brookfield Properties within the Hudson Exchange master plan,” said Abe Naparstek , partner at G&S Investors. “In addition to bringing high-quality rent- al housing to Jersey City, it was critical for this dynamic second phase to facilitate the creation of new, connective open space. Through a robust collaboration with the City of Jersey City and Embank- ment Preservation Coali- tion Board, we modified our original plans to create the Sixth Street Embankment Plaza, which will incorporate a variety of exciting retail options, public art and green infrastructure for the com- munity to enjoy.” Hudson Exchange is an 18- acre master-planned develop- ment that will encompass six million s/f of development and 5,500 residential units upon its full completion. MAREJ at Fountain View – formerly The Watermark. The building at 2 Franklin Town Boulevard spans 420,000 s/f and includes subterranean parking. Designer Michael Lebov- ics of ML Group is spear- heading the transformation of the physical spaces, leveraging his firm’s extensive experi- ence renovating both senior communities and boutique multifamily properties. The project kicked off with upgrades to the hallways, cor- ridors and luxury apartment homes. This summer, the lob- by will undergo a temporary refresh with a longer-range expansion planned. An im- minent top-to-bottom refresh of the main dining room will incorporate a display kitchen for cooking events. The planned renovations in- volve significant physical plant reconfigurations to create a range of distinctive spaces. New features will include an auditorium with ample space for live entertainments. MAREJ

Jersey City Mayor Steven Fulop, the development partners and members of the community attended the groundbreaking ceremony to commemorate the second phase of Hudson Exchange.

pre-leased to the neighboring ShopRite supermarket. Jersey City Mayor Steven Fulop, the development partners and members of the community attended the groundbreaking ceremony to commemorate this construction milestone. Designed by the architecture

firm Beyer Blinder Belle , the 60-story tower will rise 634 feet in height, affording its residents striking views of the Manhattan and New Jersey skylines. Each residence will feature quartz countertops, walk-in closets and in-unit washer/dryers, along with

$25 million renovation underway at Fountain View at Logan Square in Philadelphia, PA

PHILADELPHIA, PA — The first phase of an expan - sive, $25 million renovation is underway at Fountain View at Logan Square, marking a major milestone for the only luxury independent senior living high- rise in Philadelphia’s Center City district. Marquis Health Consult- ing Services , which provides administrative and consulting services to Fountain View, has partnered with the commu- nity’s in-house leadership to develop and launch the large- scale program. The initiative will modernize the community and take its amenities and ser- vices to a new level – one that reflects the vibrancy of the neighborhood and the evolving demands of discerning seniors. The 24-story Fountain View tower is a familiar fixture in the city’s skyline and an established destination for active seniors who are looking for upscale urban living with access to the city’s busiest and most desirable cultural,

By Michael Cunningham Rittenhouse Appraisals

Hudson Atlantic Realty's Multifamily Division Thrives with Exceptional Talent

Fountain View at Logan Square

historical and entertainment- rich neighborhood. However, expectations are very different now than they were 10 years ago, noted Marquis’ Lauren Everett , vice president of Senior Living Services. “Baby boomers who are mak- ing decisions about their next chapter want high-end ame- nities, unique activities and exclusive experiences,” Ev- erett said. “Our vision is to

offer Fountain View residents distinctive lifestyle options they won’t find anywhere else, both inside and outside of the community. To that end, this project incorporates the best of what is trending in senior living – in the only senior com- munity of its scale in the heart of Philadelphia.” The projected three-year repositioning follows an own- ership change and rebranding

ALSO INSIDE ECS Mid-Atlantic . .......... 5C Nick Ottum, CPA, MBA, Withum ....................... 10C www.marej.com

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