O wners , D evelopers & M anagers
Real Estate Journal — Section B
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M id A tlantic
nion City, NJ — Sun Equity Part- ners announced the Launches multi-million dollar capital improvement program Sun Equity Partners acquires Historic Silk Mill Lofts artist work space complex in Union U served as a flourishing New York metropolitan artist ref- uge since the 1990s.
1,300 s/f. “This transformative project will offer all of the luxury and lifestyle amenities of compa- rable waterfront/downtown properties at affordable price points,” added Richard Sci- aretta , director, for Clare- mont Companies. “Our investors recognize Jersey City as one of the best and most developer friendly markets in the country for mixed-use residential and retail development and under- stand the importance of work- ing with partners like Hamp- shire and Claremont,” said Jeffrey Sica , founder and president of Circle Squared Alternative Investments. “The opportunity this development offers our investors is a chance to be a part of something that will completely transform a neighborhood. At Circle Squared, we do more than connect investors to real estate deals managed by the best in the business, we connect them with the communities that these development projects enhance.” The remaining phases of development for University Place are expected to be com- pleted and available for occu- pancy in 2018. n County, but finding appropri- ate work space continues to be a struggle,” said Tress. “Silk Mill Lofts’ soaring spaces, large windows, natural light and spectacular views of the Manhattan skyline, as well as the historic charm stem- ming from the brick exteriors and towering smokestacks, provide the perfect ambiance for creative work. With some strategic upgrades, the prop- erty will anchor the area’s growing arts scene by attract- ing new tenants from both sides of the river, as well as provide unique loft spaces for office leaseholders.” Sun Equity Partners retained Lee Levine Architects to work on the renovation project. n
Sun Equity Partners pur- chased the landmark complex with the intent of providing ex- isting tenants improved work environments and attracting new artists and commercial users from Hudson County, NYC and beyond, according to Abe Tress , the company’s director of operations. Silk Mill Lofts is currently 55% occupied by practicing artists and creatives involved in vi- sual arts, photography, sculp- ture, painting, glass works and more. “The arts have long been an important part of the fabric of Union City and Hudson
HI-LIGHTS Sept. 30 - Oct 13, 2016 The real estate investment and development firm immedi- ately initiated a multi-million dollar capital improvement program to upgrade the exte- rior, common spaces, building systems, and loft-style studios at the 125,000 s/f property, which occupies a full city block from 39th-40 St. and has acquisition of Silk Mill Lofts, a historic commercial com- plex dedicated to artist-work spaces in Union City.
Silk Mill Lofts
TheHampshire Cos., Claremont Cos. &Circle Squared Alternative Investments celebrate Groundbreaking
Jersey City, NJ — The Hampshire Companies , to- gether with their joint venture partner, Claremont Com- panies , and project invest- ment advisor, Circle Squared Alternative Investments , celebrated the groundbreaking of the first phase of a master re- development plan for the west campus of New Jersey City Uni- versity (NJCU) yesterday. The groundbreaking commences the first of two mixed-use projects the partners are developing, with the initial project creat- ing 163 market-rate units and approximately 10,000 s/f of transformative retail on West Side Ave. The development, named University Place, aims to create a unique sense of place between NJCU’s main campus and the adjacent neighborhood. Occupancy for the first project is slated for 2017. The site is located one-third of a mile from a Bergen Hud- son Light Rail stop, providing access to the waterfront and Hoboken as well as the oppor- tunity to transfer to the PATH train for easy access to New York City. On-site and street parking will also be added along the corner of Stegman Blvd. and West Side Ave.. The master redevelopment
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9-18B
Wright Commissioning scores three projects at Drexel
14B
New Jersey City University
plan will total eight build- ings including a 100,000 s/f performing arts center / aca- demic building. In conjunction with the groundbreaking, offi- cials from NJCU held a ribbon cutting ceremony to officially open its West Campus Village Residence Hall, a 425-bed un- dergraduate student housing complex. “This project will transform NJCU’s west campus into a modern urban community with expanded access to retail and local amenities,” said Norman Feinstein , vice chairmanof The Hampshire Companies.“Jersey City continues to evolve into place that people live, work, play and learn and University Place is an integral part of the
continued evolution of the city. Through the vision and support of NJCU, Jersey City’s elected leadership, Claremont Com- panies, and Circle Squared Al- ternative Investments, we are bringing that vision to life and creating a vibrant community destination for residents and students.” In addition to the 163 luxury residential units and 10,000 s/f retail, the five-story phase one development will include 177 structured parking spaces, two bike terminals and over 25,000 s/f of indoor/outdoor amenity space. The luxury residential units will consist of 27 studio apartments, 112 one- bedroom, and 24 two-bedroom units ranging from 550 s/f to
Merritt Construction Services pursues energy & enviro. design
19B 6B
www.marejournal.com ALSO INSIDE Green Buildings........19-22B USGBC.............................22B NJAA................................23B IREM...........................24-25B
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